White House, Congress near deal to fund depleted loan fund for small businesses

The White House and Congress are close to a deal that would give as much as $450 billion to a depleted loan program for small businesses, which are struggling to stay open amid the coronavirus shutdown. 

The program technically went broke late last week when the amount of money requested by applicants exceeded the amount appropriated. 

However, efforts to pass a measure to provide supplemental funding stalled when Democrats insisted it include other money – including some for hospitals and virus testing. 

The loan program was funded through the most recent, $2.2 trillion stimulus package passed by Congress.

President Trump and Democratic leaders signaled Sunday that a deal is near, with Congress essentially on recess until the end of the month and Treasury Secretary Steven Mnuchin working behind the scenes with Capitol Hill lawmakers.

“We are very close to a deal,” Trump said Sunday during a White House briefing.

House Speaker Nancy Pelosi told "Fox News Sunday" that she thinks a deal will come “soon” for small business owners.

"And we want all of them to get what they’re entitled to under the law and even more,” the California Democrat said.

The Senate is expected to have  a pro forma session Monday, as it has had throughout the recess, but no vote has been set.

The House could meet as early as Wednesday, according to a schedule update over the weekend by Majority Leader Steny Hoyer, D-Md.