U.S. Senate Reopens to Lawmakers, Economic Relief Update

05 04 20 Small Biz Loans Sot.transfer

The U.S. Senate plans to reopen Monday despite the Washington, D.C. area’s status as a hotspot in the coronavirus outbreak.

Lawmakers on Capitol Hill are now discussing a possible fourth economic relief bill.

More than 30 million Americans have filed for unemployment over the past six weeks as businesses across the country shut down because of the pandemic.

The latest federal relief package was aimed at supporting small businesses.

Lawmakers agreed to provide $175 billion in the second round of funding for the paycheck protection program.

The Trump administration announced Sunday the money was divided up into 2.2 million small business loans averaging about $79,000 each.

According to White House economic adviser Larry Kudlow, another round of relief could be on the way.

“I guess what I would say to you at this particular juncture, let’s execute the continuation of what we’ve already done. Let’s see what the results are,” he said.

The Trump administration says that since the launch of the Paycheck Protection Program, nearly 4 million loans totaling more than $500 billion have been made.

Categories: Coronavirus, Michigan This Morning