Talks to break an impasse over a new virus relief package become increasingly urgent this week with millions of jobless Americans left without additional aid, and the Senate scheduled to leave for an extended break on Friday.
Senate Majority Leader Mitch McConnell waited until a key component of U.S. coronavirus aid was about to expire before drafting the Republican version of the next major relief bill, a decision that is increasingly looking like a significant miscalculation.
The 160 million Americans who got stimulus checks earlier this year would get another payment as soon as next month under a plan being negotiated by Treasury Secretary Steven Mnuchin and Senate Majority Leader Mitch McConnell.
Republicans crafting their own plan for a new U.S. virus-relief bill broadly endorsed a fresh round of stimulus checks to individuals, extended supplemental jobless benefits and more money for testing while voicing doubts over President Donald Trump’s desired payroll tax cut.
With a resurgence of the coronavirus threatening a nascent rebound of the U.S. economy, the White House and Congress are under increased pressure to come to terms on another round of stimulus.
Federal Reserve Chairman Jerome Powell said about 300 lenders have signed on to the program and that the central bank is committed to making adjustments that could attract more borrowers.
Taxpayers who are owed a refund may also get a second check this year if they took advantage of the July 15 extended filing deadline, according to the Internal Revenue Service.
The Trump administration, following a backlash, said it would release details about companies that received loans of $150,000 or more from a coronavirus relief program for small businesses.
The release of the SBA's loan forgiveness application highlights the questions that remain around the Paycheck Protection Program.
The request for a second municipal lending facility was made in a bipartisan letter sent to the Fed last week by four senators.