REFILE-UPDATE 2-White House looks to bolster small business lending program [Reuters]
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Source: Reuters
White House looks to bolster small business lending program WASHINGTON (Reuters) - The White House hopes Congress will nearly double the size of its program to support ailing small businesses by the end of the week, as some of the nation’s largest lenders still sit on the sidelines and others remain unable to access the system. U.S. President Donald Trump said the administration will seek another $250 billion on top of the $350 billion of funds granted by Congress last month which launched on Friday. Treasury Secretary Steven Mnuchin said he hoped Congress would sign off on the funds by Friday, as small businesses scramble for the first-come, first-serve lifeline. “We want to make sure that every single small business can participate. We want to assure the workers that if you don’t get the loan this week, there will be plenty of money for you next week,” he said during a White House call with bank CEOs. Executives at Bank of America and JPMorgan Chase said they had received hundreds o
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