Deal 'Close' On Small-Business Relief Program, Officials Say

The transcript discusses the Paycheck Protection Program, initially funded with $350 billion, which quickly ran out of money. A new agreement is near to refund the program with $300 billion for small businesses and $50 billion for disaster loans. The program aims to support businesses with fewer than 500 employees by providing loans that convert to grants if payrolls are maintained. Despite the initial funding, many small businesses couldn't apply. The new program is expected to launch soon, with hopes to address previous challenges.

What was the initial funding approach for the Paycheck Protection program?

What did Treasury Secretary Steven Mnuchin express about the timeline for the new program?