Donald Trump and Steven Mnuchin today signaled the administration would support giving companies more flexibility in how they use emergency small business loans
President Donald Trump and Treasury Secretary Steven Mnuchin on Monday signaled the administration would support giving companies more flexibility in how they use emergency small business loans, amid mounting complaints that restrictions on the aid are too onerous.
A room full of restaurant industry executives meeting with Trump at the White House urged the president to ease limits on the so-called Paycheck Protection Program, which Congress created to help avert layoffs during the Covid-19 pandemic. The loans have proved immensely popular because they can be forgiven if employers agree to maintain their payrolls.
Trump, seemingly impressed by the industry's unified position, appeared willing to relax restrictions on the loans, saying "we'll look at that very strongly."The comments by Trump, as well as Mnuchin, underscored the increasing consensus in Washington around retooling the small business loan program, which policymakers hurriedly launched on April 3 to help fight the economic downturn.
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