Tags: Coronavirus | steve mnuchin | businesses | loans | employees

Mnuchin Calls on Businesses to Keep Employees

steve mnunchin is shown with the american flag in the background
(Michel Euler/AP)

By    |   Monday, 23 March 2020 12:57 PM

The Trump administration is urging small businesses to keep their employees on the payroll so that they can reopen their businesses quickly when the coronavirus emergency subsides, including loans that are part of the $1.4 trillion coronavirus stimulus package under consideration by the Senate, Treasury Secretary Steven Mnuchin said Monday. 

"I assure you that the Treasury will be working with the SBA, that we're going to add an enormous number of new lenders," Mnuchin told Fox Business' "Mornings with Maria." "Basically, this is going to work that any small business can go into a bank very quickly, get the loan underwritten and get the money fast."

However, the Senate Sunday evening did not advance the $1.4 trillion coronavirus stimulus package, after Democrats claimed the measure helped big corporations while leaving out help to individuals and health care providers. Another vote is expected Monday, and Mnuchin emphasized that the measure contains "no bailouts."

Under the bill, any small business with fewer than 500 employees is eligible for a loan amounting to two months of payroll and some overhead. The loans are also forgiven if the companies keep workers or rehire them. 

“There are no bailouts," Mnuchin said. "This is not about bailing anybody out. There is a special provision that we are in the process of negotiating for airlines. Airlines do provide significant resources and national security issues. We want the airlines to continue to be able to operate domestic air travel.”

Mnuchin told CNBC Monday that within the next week, there will be a program "up and running that small business can go into banks easily on a fast-track basis and get that cash flow. 

Mnuchin added that he's been working on the part of the package concerning checks for households and that he's been working on getting the money into bank accounts through direct deposit in two or three weeks.

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The Trump administration is urging small businesses to keep their employees on the payroll so that they can reopen their businesses quickly when the coronavirus emergency subsides.
steve mnuchin, businesses, loans, employees
311
2020-57-23
Monday, 23 March 2020 12:57 PM
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