Tuesday, October 7, 2008

Schumer seeks temporary small-business loan program

Sen. Charles Schumer yesterday called on the Bush administration to create a temporary small-business direct-loan program to serve as a bridge until funds kick in from the $700-billion federal bailout for Wall Street banks.B

ecause it will take a month for the bailout funds to enter the market, Schumer (D-N.Y.) said it is imperative for the federal government to help small businesses that may have trouble acquiring short-term loans to cover things like payroll or purchases.

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