Trump Requests Additional $25B for Small Businesses
More help may soon be on the way for small businesses.The Trump Administration has submitted a $251 billion request for small businesses. This new initiative would direct forgivable loans to businesses that employ less than 500 people. The multi-billion dollar request would go towards paying salaries, benefits, and other costs like mortgages, rent and utilities. The added funds could be approved in the Congress by the end of the week.
Last month, Congress allocated $349 billion to help small businesses during the pandemic. So far, the Small Business Administration recorded about 220,000 loans valued at $66 billion.