Congress, Treasury Department in Talks to Extend Paycheck Protection Funding

Congressional leaders and Treasury Secretary Steve Mnuchin were expected to resume closed-door negotiations today over additional funding for the Paycheck Protection Program (PPP).

The bailout effort, which provided small businesses with ultra-low-interest loans to keep or rehire employees, exhausted its initial $349 billion allocation this morning and the Small Business Administration is no longer accepting applications at the present time.

Congress is reportedly at an impasse over the next wave of funding, with Democrats seeking more money, and more stipulations, than the immediate $250 billion infusion sought by Senate Republicans.

The PPP, part of the $2.2 trillion CARES Act stimulus bill, also provided complete loan forgiveness for borrowers who spent at least 75 percent of the payout on payrolls.

YourSourceNews will continue to monitor the latest SBA loan developments.

Hat tip to CNBC, CNN, Fox Business and The Wall Street Journal.