Mnuchin: More C-Virus Economic Relief Spending ‘definitely’ Needed; 70 Testing Sites Destroyed During Riots, and Other C-Virus Updates
Treasury Secretary Steven Mnuchin said on Wednesday that he strongly supported further legislation to provide more relief to the economy but added that the aid must be more targeted to help specific businesses and industries that are struggling.
During a hearing with the Senate Small Business Committee, Mnuchin said that unemployment was still very high and that the administration wanted to work on further incentives to decrease it. The Treasury chief said he was open, for example, to changes to the small business relief aid known as the Paycheck Protection Program, as well as new tax credits.
“I definitely think we are going to need another bipartisan legislation to put more money into the economy,” Mnuchin said. He also said spending needs to be focused on businesses “that are having the most difficulty in reopening as a result of COVID-19,” such as the travel, leisure, and restaurant industries.
“We’re open-minded, but we absolutely believe small businesses — and, by the way, many big businesses in certain industries — are absolutely going to need more help,” he said.
The hearing was regarding the Small Business Administration’s Paycheck Protection Program, which was established to help struggling small businesses avert layoffs through $670 billion in refundable loans, funded initially by the massive $2.3 trillion CARES Act relief package that President Trump signed in March.
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