Mnuchin reveals who would receive the next checks for coronavirus The Treasury secretary confirmed that there will be a second round of aid He also said when it would be delivered
Mnuchin checks coronavirus. After thousands of Hispanics were left without a first coronavirus check due to their undocumented status, Treasury Secretary Steve Mnuchin said there could be a second round of aid and revealed who it would be for.
Mnuchin told Congress on Tuesday that the government of President Donald Trump wants the next round of financial aid to be focused on supporting companies such as restaurants, which have been most affected by the crisis that has triggered the coronavirus pandemic.
Mnuchin said he is already talking to lawmakers about approving another round of relief, which is tentatively due in late July.
The Treasury secretary said those discussions included ways to use the leftover funds from the 2.2 trillion coronavirus relief bill, signed by President Donald Trump in late March.
There is about $ 128 billion in that program that has not been apportioned from the popular Payroll Protection Program, which was designed to help companies keep their workers on the payroll.
The program, which had $ 659 billion to use to support small businesses, will no longer be able to extend loans after Tuesday unless Congress approves an extension.
Testifying before the House Financial Services Committee, Mnuchin said the administration is committed to “working with the House and the Senate so that we can pass the legislation in late July.”
The House passed the Heroes Act that would provide additional financial support of nearly $ 1 trillion. That legislation has not been adopted by the Senate.
Mnuchin testified along with Federal Reserve Chairman Jerome Powell at the supervisory hearing held by the House panel.
The coronavirus rescue package, known as the CARES Act, requires Mnuchin and Powell to testify before Congress quarterly on the implementation of the legislation.
In his testimony, Powell said the outlook for the economy is “extraordinarily uncertain” and that a full recovery is unlikely, “until people are certain that it is safe to re-engage in a wide range of activities.”
The Fed has cut interest rates to near zero and has injected $ 2 trillion in purchases of Treasury and mortgage-backed securities to support the financial system.
The Fed is also providing additional support through 11 special programs, which make it easier for business and consumer credit markets to function and loans from state and local governments.
A few days ago, President Donald Trump himself had revealed that there will be a second round of “generous” coronavirus checks.
Far from worrying about a second COVID-19 outbreak, President Donald Trump revealed that his administration is preparing “dramatic” (“spectacular”) new coronavirus checks.
Filed Under: Mnuchin Checks Coronavirus