unused

White House calls for Congress to release unused small business loans

Oct. 11 (UPI) — Treasury Secretary Steven Mnuchin and White House Chief of Staff Mark Meadows on Sunday sent a letter to Congress calling for the release of unused Paycheck Protection Program funds amid ongoing talks on an additional round of COVID-19 stimulus.

Mnuchin and Meadows urged lawmakers to release the $134 billion in loans provided to small businesses to maintain operations and retain employees included in the $2 trillion CARES Act passed in March, while also criticizing Congress — particularly House Speaker Nancy Pelosi and Senate Democratic leader Chuck Schumer — for their “all-or-nothing” approach to negotiating additional stimulus.

“The House has passed two separate partisan bills instead of compromising with us on bipartisan legislation like we have done in the past,” they wrote. “We will continue to try to work with Speaker Pelosi and Senator Schumer. It is not just about the top-line number but also about legislation that can be passed by the House and the Senate and signed into law by President Trump to help the American people.”

The letter comes after Mnuchin introduced a $1.8 trillion proposal on Friday, raising the White House’s previous offer of $1.6 trillion and inching closer to the $2.2 trillion package passed by the Democratic-led House earlier this month.

Mnuchin’s proposal was met with criticism from Democrats who believed it was not enough and some Republicans who believe the funding is too high.

Appearing on CNN’s State of the Union, White House Economic Adviser Larry Kudlow said that he believes Senate Republicans can come to an agreement in support of a newly proposed $1.8 trillion package despite host Jake Tapper noting that 20 GOP members of the chamber criticized the latest proposal from the Treasury Secretary Steven Mnuchin as a “death knell” for the measure.

“I don’t think it’s