Steven Mnuchin Expects Coronavirus Relief Package Vote By Monday
U.S. Treasury Secretary Steven Mnuchin on Sunday outlined a proposed coronavirus relief package that he said will support the economy amid the outbreak for 10 to 12 weeks.
Mnuchin, speaking on “Fox News Sunday,” listed four measures that he said are being hammered out with congressional bipartisan support in hopes of passage on Monday.
The first proposal would provide small businesses with two weeks of cash flow to pay their workers, with the agreement that they will be retained. Should businesses agree, the loan will be forgiven, he said.
“That’s about half of our workforce,” Mnuchin said of the affected workers. “That will allow small businesses to keep people and make sure when we open the economy, they’re up and running.”
A second measure would provide direct deposits to Americans, with the average amount provided to a family of four being about $3,000.
“This you can think of as a bridge for them to get through this,” he said.
There would also be enhanced unemployment insurance to those laid off and up to $4 trillion in liquidity to support the economy, as part of an agreement with the Federal Reserve, he said.
A final proposal would provide hospitals and medical professionals economic relief. Though an exact amount has yet to be determined, he acknowledged it is expected to be about $110 billion.
“I think we have a fundamental understanding and we look forward to wrapping it up today,” he said of his work with Senate Majority Leader Mitch McConnell (R-Ky.), Senate Minority Leader Chuck Schumer (D-N.Y.), House Speaker Nancy Pelosi (D-Calif.) and House Minority Leader Kevin McCarthy (R-Calif.).
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