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.
“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.”
“We’re ready to work with Congress if we need more enhancements or additional funds,” he said.
“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.”
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