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Mnuchin: Virus Aid May Keep Half of Americans Working

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The small business relief portion of the $2 trillion coronavirus stimulus package passed by the House and Senate could keep 50% of Americans at work once their employers restore operations, Treasury Secretary Steven Mnuchin said Friday.

“This is not the fault of the American public, and we want to get all of those people paid,” Mnuchin told Fox Business’ “Mornings With Maria.” “This is a Herculean effort. People will go into banks next Friday and be able to get loans. It’s going to be a very simple process.”

The bill allows for more than $370 billion for small businesses and companies that have fewer than 500 employees to be eligible for loans of up to $10 million. The money can be used for payroll and expenses like mortgages, rent, utilities, and insurance, and the government pays off the loan balance if companies either rehire workers they have laid off or if they don’t lay off people, said Mnuchin.

“As long as you hire those people, your loan will be forgiven,” Mnuchin said. “This keeps 50% of American workers at work.”

The main issue surrounding the business shutdowns is not about what the economic numbers are at this point, but about the “hardship to the American people” who have lost their jobs through no fault of their own, said Mnuchin.

“This is a brand-new program, the Treasury working with the SBA,” said Mnuchin. “We are doing everything we can because Americans need that money now. They can’t wait for the government to take three or four or six months like we normally do.”

Meanwhile, he insisted that despite the record numbers of people who have filed for unemployment, there are now government programs that will either get them back to work or get them money.

“Whether it is unemployment claims or other numbers, this doesn’t reflect the normal economy,” said Mnuchin. “This reflects government action.”

via newsmax

6 Comments

  1. Roger D Mann March 28, 2020

    There is no doubt that President Trump cares about the American people!

    President Trump has done more for America the American people and the World since his election than the previous four presidents did in 28 years and all in the face of diversity never experienced by any other president!

    Since President Trump was elected millions of new jobs have been created, hundreds of thousands of new manufacturing jobs, over seven million people have been lifted off of welfare and food stamps! The lowest minority unemployment in history, lowest female unemployment in more than 70 years, a robust stock market, a booming economy, historic tax cuts, he got rid of hundreds of job killing regulations! Negotiating better trade deals for America and the American people and negotiating with other world leaders in an effort to bring world peace! President Trump’s policies added more than 100,000 jobs in October, 266,000 jobs in November and 145,000 jobs in December for a grand total of 511,000 jobs for the last three months of 2019!

    Under President Trump’s leadership and willingness to let our military operate unrestricted by Washington bureaucrats Abu Bakr al-Baghdadi, the most wanted terrorist in the World was easily located and annihilated! Now that same unrestricted military force has taken out another terrorist, Iranian general Qassem Suleimani! President Trump is serious about protecting Americans and his America First Agenda!

    Remember Little Rocket Man, Kim Jong Un? The main stream media said, Trump’s going to ignite World War III! Didn’t happen! Then when he ordered the drone strike that killed Iranian general Qassem Suleimani they said the same thing, Trump’s going to start World War III or would that be World War IV? Again it didn’t happen whatever it was, so on top of all of his other amazing accomplishments, I guess you could say President Trump prevented two World Wars! Trump/Pence 2020 Landslide! Thank God for President Trump!

    Reply
  2. Stephanie Curtis March 28, 2020

    No matter how much money this virus costs Trump is the only one who can bring our economy back. Or America a Third World Country!

    Reply
  3. Jamie S March 28, 2020

    Roger D Mann is 100% correct about President Trump! God Bless President Trump. He IS the only one who can get us thru this and get the economy back. 4 MORE Years!

    Reply
  4. sharon March 28, 2020

    We love our President and how he supports the American people. Democrats would leave us to die and protect them selves as their actions prove.

    Reply
  5. Edwin March 28, 2020

    Trump 2020 🇺🇸 MAGA!

    Reply
  6. Ryder March 29, 2020

    R y’all that GOT DAMN BLIND…1st let’s go. Jobs he brought back to America. Jobs were coming back to America anyway and I can say when trump changed the tax bracket other jobs followed back to America. If trump called about America like u say then y wasn’t him, the government,
    cdc etc. DID NOT OR WAS NOT PREPARED FOR THIS PANDEMIC. It’s mighty strange that a movie called CONTAGION that was made in 2018/19 been out describing this pandemic that we r now experiencing. ITS ARTICLES and evidence that show that awareness of this out break could r would happen. My personal opinion is; this outbreak is away to wipe out some Americans leaving America vulnerable and desperate so that we the people who survive this outbreak would think,feel r believe that trump is some kinda hero so we can vote him for another term. U have some Americans that believe if he had not killed that man and other stuff he has done/doing we wouldn’t be in this mess now. And just to FYI THOSE THAT R PRAISING trump. THIS RELIEF PACKAGE IS ONLY FOR THOSE THAT HAVE BUSINESSES, FILE TAXES, R HAVE SSA. WHAT ABOUT THE REAL PEOPLE THAT ACTUALLY NEEDS THE MONEY. THOSE ON FIXED INCOMES, DIDN’T FILE TAXES, R WORKING BUT DON’T FILE TAXES CAUSE THEY DON’T MAKE ENOUGH TO GET ANYTHING BACK, R THOSE THAT WORK BUT CAN’T AND NOW FILING FOR UNEMPLOYMENT, WHERE’S THE RELIEF FOR THE PEOPLE WHO CANNOT AFFORD THE EXTRAS THEY HAVE TO DO TO PROTECT THEMSELVES AND THEIR FAMILY. OH WHAT THEY DON’T MATTER, R NOT IN NEED OF RELIEF R HARDSHIP, R WHAT YALL DON’T CARE ABOUT REAL AMERICANS CAUSE WITHOUT THEM U DON’T HAVE AMERICA. ALL THAT MESS GIVING PRAISES WHERE THERE NOT DUE. HE’S NOT NO HERO BECAUSE HE IS DOING HIS JOB LIKE WE ALL DO DAILY. IF ANY OTHER PRESIDENT WOULD HAVE BEEN FACE WITH THIS CRISIS DURING THEIR TERM IN OFFICE, THEY WOULD BE DOING THE SAME AS HIM. N IF THE HOUSE WASN’T DIVIDED LIKE IT IS, WE MIGHT HAVE BEEN ON TOP OF THINGS AND PROBABLY COULD HAVE CONTROL THE SITUATION. A HOUSE THAT IS DIVIDED CANNOT STAND. I CAN GO ON,ON,AND,ON

    Reply

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