With the scope of the economic downturn from the Coronavirus growing each day, the Trump Administration has asked top leaders in Congress to approve another $250 billion this week for a new small business emergency loan program, as GOP leaders in the Senate said they would vote on the plan as early as Thursday.
"I urged them at the President's request that they get us another $250 billion approved," said Treasury Secretary Steven Mnuchin, telling reporters the $349 billion emergency loan program had received an 'incredible response' so far.
"Jobs are literally being saved as we speak," said Senate Majority Leader Mitch McConnell. "But it is quickly becoming clear that Congress will need to provide more funding or this crucial program may run dry."
McConnell said he would press the Senate to approve extra money on Thursday - even though most Senators will not be on Capitol Hill because of the Coronavirus threat.
"Congress needs to act with speed and total focus to provide more money for this uncontroversial bipartisan program," McConnell said in a written statement.
At a White House photo op with President Trump on Tuesday afternoon, Mnuchin repeated his request, saying he wants the money approved Thursday in the Senate, and on Friday in the House.
"We want to assure the workers that if you don't get the loan this week, there will be plenty of money next week," Mnuchin said, sitting at a table with the President and his daughter Ivanka.
Mr. Trump heartily endorsed the move, saying it was proof that his economic rescue plan was working.
"We'll be running out of money pretty quickly," President Trump said on Tuesday - about a program which only started handing out money last Friday.
During a conference call with leaders of major financial institutions, the President urged banks to funnel as much loan relief to U.S. businesses as possible - as fast as possible - to help offset the virus outbreak.
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