Treasury Secretary Steven Mnuchin said that he thinks Congress should consider automatically forgiving all small loans that were given to businesses through the Paycheck Protection Program.
Businesses have been complaining about the complexity of applying to have loans turned into grants through the small business lending program that was created to help employers weather the coronavirus pandemic. Some lawmakers have called for turning all loans under $150,000 — about 86 percent of all loans issued — into grants that do not need to be repaid.
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