Good morning from the Financial Times. Today is Monday, April 20th, and this is your

FT news briefing. The White House and Congress are closing in on a deal that

would give more help to American small businesses hit by the

coronavirus. But it's unclear whether that deal will provide states with aid, something

Democrats had been pushing for over the last few weeks. The F.T.'s U.S. economics editor

Brendan Greeley breaks down how state budgets are struggling without their normal

sources of tax revenue. Plus the European Central Bank is looking at a way to handle a

potential surge in non-performing loans and investors are pushing back on a call by

some G20 countries to help emerging markets with debt relief.

I'm Mark Filipino and here's the news you need to start your day.

Last week the fund of Congress approved in late March to help small businesses hit by the coronavirus

349 billion dollars dried up. Hundreds of thousands of business owners who wanted to take advantage of the

Paycheck Protection Program were left wondering if and when Congress would replenish it.

And yesterday, U.S. Treasury Secretary Stephen Mnuchin

indicated that the White House and Congress were close to reaching a $300 billion

deal. I think we're making a lot of progress. I've had multiple conversations all weekend with the leadership

of both the Senate and the House. I spoke with Chuck Schumer this morning already

I know he's on after and I think we're making a lot of progress.

That was Mr. Manushin on CNN yesterday.

The possible deal came after weeks of bitter debate between Democrats and Republicans.

Democrats were holding out for more money for hospitals and COVID-19 testing.

In addition to the $300 billion for PPP,

...