Mnuchin: Virus Aid May Keep Half of Americans Working

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."

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