Treasury Secretary Steven Mnuchin said small business owners can expect to get stimulus relief instructions starting on Monday as companies were forced to shutter amid the CCP virus pandemic.
The roughly $2 trillion plan passed by Congress and signed into law on March 27 by President Donald Trump includes $350 billion in loans to small businesses, which is termed as any company with 500 employees or fewer.
In an interview with Fox Business, Mnuchin said he believes the loans will start Friday, or “at lightning speed.” He added: “We hope later today we’ll be releasing the documents and instructions.”
Mnuchin said owners can go to a Small Business Administration lender or any FDIC-insured institution, credit union, or lender that has signed up for the program. Instructions will be uploaded on the Small Business Administration’s website.
“This is a very popular program with Republicans and Democrats, and the president likes it a lot,” he told the network. “If we run out of money, and this is a huge success, we will absolutely go back to Congress and ask for more money.”
After the federal government released guidelines earlier this month for social distancing measures, a number of state and local governments ordered the closure of nonessential businesses and services, prompting layoffs and furloughs as firms struggle to save money in the face of declining profits. Last week, the Department of Labor reported that unemployment claims for the week ending on March 21 surged to 3.28 million, shattering records.
Mnuchin also said he hopes the third stimulus package signed into law by the president last week will provide relief for 8 to 12 weeks. But if the economic losses continue to mount and the CCP virus doesn’t subside in the United States, the secretary said the White House would be open to another deal.
“We have a lot of money now that we’re deploying,” he remarked. “Our number one job at Treasury right now is making sure we get these programs up and running.”
Mnuchin also told Fox News that he hasn’t started working on another stimulus bill but is focused on distributing the money that was just approved in Congress.
“We’re ready to work with Congress if we need more enhancements or additional funds,” he said.
President Donald Trump, in an interview on Monday, said that Easter Sunday will be the likely apex of the CCP virus outbreak in the United States, which is when the number of deaths as a result of the crisis reach their highest levels.
“We’re thinking that around Easter, that’s going to be your spike. That’s going to be the highest point, we think,” he said. “And then it’s going to start coming down from there. That will be a day of celebration.”