• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

2

Indeed chief economist says we’re entering an era of ‘great mismatch’ thanks to a generational imbalance of workers

3

Apple’s Steve Wozniak says he cofounded the tech giant after 5 rejections from HP—not to ‘make money.’ For years, his paycheck was just $50

1

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

2

Indeed chief economist says we’re entering an era of ‘great mismatch’ thanks to a generational imbalance of workers

3

Apple’s Steve Wozniak says he cofounded the tech giant after 5 rejections from HP—not to ‘make money.’ For years, his paycheck was just $50
FinanceCoronavirus

Treasury seeks $200 billion more for small business aid program

By
Bloomberg
Bloomberg
Down Arrow Button Icon
By
Bloomberg
Bloomberg
Down Arrow Button Icon
April 7, 2020, 2:35 PM ET

Subscribe to Outbreak, a daily newsletter roundup of stories on the coronavirus pandemic and its impact on global business. It’s free to get it in your inbox.

The Treasury Department will ask Congress for $200 billion more to aid small businesses, according to a person familiar with the matter, and Senate Majority Leader Mitch McConnell said the Senate could act as soon as this week to provide additional money.

Businesses have rushed to tap the $350 billion Paycheck Protection Program that was part of the massive $2.2 trillion stimulus passed by Congress in response to the economic crisis spawned by the coronavirus pandemic.

Stay-at-home orders across the country have particularly squeezed small businesses, which account for almost half of U.S. private employment.

Read more: What small businesses applying to the SBA’s Paycheck Protection Program need to know

McConnell said the Senate could approve more funding for the program during Thursday’s pro-forma session by voice vote or unanimous consent, which would allow almost all members to stay home.

“Congress needs to act with speed and total focus to provide more money for this uncontroversial bipartisan program,” McConnell said Tuesday, without giving a figure for the funding.

He said he was working with Treasury Secretary Steven Mnuchin and Senate Minority Leader Chuck Schumer on a proposal, though Schumer spokesman Justin Goodman said McConnell had yet to speak to Schumer. Moving quickly would require support from all Senate Democrats.

Schumer, just minutes earlier, had unveiled his own massive “Heroes Fund” to give hazard pay of up to $25,000 each for workers including grocery store employees, transit workers and pharmacists who are risking their lives to stay on the job amid the coronavirus outbreak. That is also likely to have a price tag in the hundreds of billions of dollars.

House Republican leader Kevin McCarthy said that he had spoken to Mnuchin and would support a request for additional money for the small business programs, saying that the House should act “swiftly” on the request.

House Speaker Nancy Pelosi hasn’t weighed in, but she previously called for an extension of the PPP program as part of a next round of stimulus that also would include an unemployment insurance extension, more direct payments and relief for states and localities. She has estimated the bill would cost at least $1 trillion.

Republicans have thus far been reluctant to enact a wide-ranging phase four stimulus bill. Now that they and their core business supporters such as the U.S. Chamber of Commerce are demanding an infusion for PPP, Democrats could have leverage to obtain more unemployment insurance and direct payment for workers. Pelosi would have to weigh such an opportunity against the political costs of delaying aid to small businesses.

GOP Senator Marco Rubio, chairman of the Small Business Committee, said he asked Mnuchin to make a formal request for at least $200 billion more for the program as soon as possible.

“There is a critical need to supplement the fund to ensure America’s more than 30 million small businesses will be able to access this critical lifeline,” he said in a statement.

White House Economic Adviser Larry Kudlow said on Fox News on Tuesday morning that as of Monday evening, about 178,000 loans for $50 billion had been processed. That amount hasn’t been given to businesses yet but rather is the value of loans SBA has registered and guaranteed for lenders to complete the process and disburse funds, according to a senior administration official.

More must-read personal finance coverage from Fortune:

—What to do if you can’t pay your bills this month
—Everything you need to know about the coronavirus stimulus checks
—5 things to know about unemployment benefits in the COVID-19 stimulus package
—Everything you need to know about furloughs—and what they mean for workers
—Everything you need to know about the new 401(k) no-penalty withdrawals
—Listen to Leadership Next, a Fortune podcast examining the evolving role of CEO
—VIDEO: 401(k) withdrawal penalties waived for anyone hurt by COVID-19

Subscribe to Fortune’s Bull Sheet for no-nonsense finance news and analysis daily.

About the Author
By Bloomberg
See full bioRight Arrow Button Icon

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

Alaska’s oil revival sparks a new energy rush Into the Arctic
EnergyOil
Alaska’s oil revival sparks a new energy rush Into the Arctic
By Jennifer A. Dlouhy and BloombergMay 24, 2026
4 minutes ago
SpaceX stock is about to join this growing constellation of public companies building a space-based economy
Investingspace
SpaceX stock is about to join this growing constellation of public companies building a space-based economy
By Jason MaMay 24, 2026
1 hour ago
f
Energyfraud
Nonprofit fraud isn’t surging. Enforcement is
By Sarah Webber and The ConversationMay 24, 2026
5 hours ago
w
Personal FinanceWhite House
From Hobbes to the 14th amendment: the ancient and modern cases against Trump’s $1.8 billion fund
By Austin Sarat and The ConversationMay 24, 2026
6 hours ago
m
Real EstateSpain
‘We want neighbors, not tourists.’ Madrid’s renters march with message for the boom economy
By Alicia Leon and The Associated PressMay 24, 2026
6 hours ago
SpaceX’s next-gen rocket is the key to its sky-high valuation, early investor says: ‘Starship also enables all kinds of frontier markets’
Startups & VentureElon Musk
SpaceX’s next-gen rocket is the key to its sky-high valuation, early investor says: ‘Starship also enables all kinds of frontier markets’
By Marco Quiroz-GutierrezMay 24, 2026
8 hours ago

Most Popular

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
Success
Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
By Preston ForeMay 21, 2026
3 days ago
Indeed chief economist says we’re entering an era of ‘great mismatch’ thanks to a generational imbalance of workers
Success
Indeed chief economist says we’re entering an era of ‘great mismatch’ thanks to a generational imbalance of workers
By Emma BurleighMay 22, 2026
2 days ago
Apple’s Steve Wozniak says he cofounded the tech giant after 5 rejections from HP—not to ‘make money.’ For years, his paycheck was just $50
Success
Apple’s Steve Wozniak says he cofounded the tech giant after 5 rejections from HP—not to ‘make money.’ For years, his paycheck was just $50
By Preston ForeMay 22, 2026
2 days ago
Uber CEO says rideshare 'freed up' his son from having to get a driver’s license—and he's one of many Gen Zers who aren’t willing to drive
Lifestyle
Uber CEO says rideshare 'freed up' his son from having to get a driver’s license—and he's one of many Gen Zers who aren’t willing to drive
By Sasha RogelbergMay 24, 2026
9 hours ago
Microsoft reports are exposing AI's real cost problem: Using the tech is more expensive than paying human employees
AI
Microsoft reports are exposing AI's real cost problem: Using the tech is more expensive than paying human employees
By Jake AngeloMay 22, 2026
2 days ago
Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 
Workplace Culture
Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 
By Preston ForeMay 19, 2026
5 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.