The United States cannot let the C-19 coronavirus shut down its economy again, Treasury Secretary Steven Mnuchin said Thursday.
He added that more than $1-T in aid/relief funds will flow into the economy over the next month.
Secretary Mnuchin said he is prepared to go back to Congress for more money to support the economy, but additional funds would be targeted to sectors with the most need, including hotels, restaurants, travel and entertainment firms.
The Treasury Secretary is The Trump Administration’s point man for negotiating aid/relief programs, said that he was confident that C-19 infection spikes in certain areas could be dealt with due to improvements in testing, contact tracing and ample hospital capacity.
“We cannot shut down the economy again. I think we’ve learned that if you shut down the economy, you’re going to create more damage and not just economic damage,” he said, adding that this includes lots of other problems.
Secretary Mnuchin said of the $3-T in C-19 coronavirus aid/relief spending approved by Congress this year, about $1.6-T has filtered through the economy to date.
“Over the next month, we are going to see over another $1-T pumped into the economy, that’s going to have a big impact,” Secretary Mnuchin said. The Fed’s Main Street Lending program for mid-size businesses is just getting started and “we are prepared to go back to Congress for more money to support the American worker,” he added.
Secretary Mnuchin added that due to an extension of forgivable Paycheck Protection Program (PPP) loans to 24 wks, he expects many restaurants that had previously been reluctant to seek loans will come forward to take up a portion of the program’s remaining funds
Have a healthy weekend, Keep the Faith!