WASHINGTON D.C., DC — The United States Senate was set to vote Thursday on a separate bill that would have funded small businesses across America. The bill was blocked by Senate Democrats.
According to the Secretary of the Treasury, Steve Mnuchin, the new money would be an additional $250 billion.
The additional money comes after several business owners were turned away during the first round of loan applications last week. Small business owner, Gerald Griffin said, “I'm not sure why they wouldn't want to process them, especially for their good customers, I've been with them for years. But I guess that's a business decision they make.”
Griffin was not denied by a big bank, but he was by San Diego County Credit Union who says they do not process small business loans. He was able to successfully apply through the Bank of Southern California.
Big banks like Bank of America were criticized for not letting non-borrowing clients apply when applications first started. They quickly changed that decision.
The surge of small business loan applications is why the new $250 billion is being proposed.