July 17, 2020 / 3:28 PM / a month ago

Treasury's Mnuchin open to blanket forgiveness for smaller business relief loans

WASHINGTON, July 17 (Reuters) - U.S. Treasury Secretary Steven Mnuchin said Friday policymakers should consider blanket forgiveness for all smaller businesses that received “Paycheck Protection Program” loans.

Mnuchin told lawmakers that they should consider such an approach to reduce complexity, coupled with some form of fraud protection.

He also said the Trump administration supports adding more funds to the $660 billion program, as well as allowing especially hard-hit businesses to apply for a second emergency loan. (Reporting by Pete Schroeder Editing by Nick Zieminski)

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