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Trump, big banks to meet virtually on small business loans

US President Donald Trump will meet with banking executives amid high demand for a new small business loan program - MANDEL NGAN / ©AFP
US President Donald Trump will meet with banking executives amid high demand for a new small business loan program - MANDEL NGAN / ©AFP

(AFP)

President Donald Trump plans to meet virtually on Tuesday with executives of US banking giants to discuss boosting relief for small business, banking sources said.

The meeting, set for 3:00 pm (1900 GMT), comes as Washington powerbrokers signal support for expanding a just-launched program to support small businesses that have been ravaged by government-ordered shutdowns to combat the spread of coronavirus.

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Trump will meet with Goldman Sachs Chief Executive David Solomon, Citigroup Chief Executive Michael Corbat, Bank of America Chief Executive Brian Moynihan and Gordon Smith, Chief Operating Officer of JPMorgan Chase.

The Paycheck Protection Program launched Friday offers $350 billion in government-guaranteed financing through private lenders, which will be forgiven if businesses ranging from shops to restaurants use the funds largely to pay their workers.

US Treasury Secretary Steven Mnuchin plans to ask Congress for an additional $200 billion to expand the popular program, the Washington Post reported Tuesday.

Senate Majority Leader Mitch McConnell said Tuesday he plans to work with Mnuchin and Democratic Senate Leader Charles Schumer to boost funding “for this uncontroversial bipartisan program,” aiming for a vote on Thursday.

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