Home 2020 CARES Act: “Virus Aid Direct Deposits Go Out Next Week”

CARES Act: “Virus Aid Direct Deposits Go Out Next Week”

Treasury Secretary Steven Mnuchin told House Democrats that direct deposits to Americans will begin next week under the coronavirus aid/relief package.

He also told the lawmakers that $98-B has been approved for small business retention under a program The Trump Administration wants Congress to bolster with another $250-B in a vote expected Thursday.

The comments were made during a conference call with lawmakers briefed by Secretary Mnuchin, Vice President Mike Pence and The Administration’s coronavirus task force.

President Donald Trump seeks another $250-B for small businesses and Democrats are trying to add ‘pork’ of $250-B for small communities, protective gear and food stamps.

The Big Q: How fast will Congress and the White House come to terms?

All sides agree that more aid/relief is needed.

Secretary Mnuchin’s assessment to the Democrats addresses head-on concerns that the small business aid has some problems and is not getting into the hands of those who need it most super fast.

He told them that the loans have been approved so far by 3,600 lenders and the money is being processed to the applicants.

“Senate Democrats should drop their shameful threat to block this funding immediately,” said Senator John Cornyn (R-TX) a member of GOP leadership. “Our small businesses desperately need help — now.”

Have a healthy day, stay home, Keep the Faith!

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S. Jack Heffernan Ph.D. Economist at Knightsbridge holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Crypto, Mining, Shipping, Technology and Financial Services.