Treasury Secretary Steve Mnuchin calls on Congress to pass coronavirus stimulus bill THIS MONTH – The Sun

STEVE Mnuchin urged Congress to pass another coronavirus stimulus bill before the end of July.

Addressing the House Small Business Committee on Friday, the Treasury Secretary called on lawmakers to forgive smaller loans entirely to help out struggling businesses.

Mnuchin urged them to negotiate with the Trump administration to pass additional legislation by the end of the month, with a focus on struggling industries, hard-hit small businesses, and low-income families.

“We are monitoring economic conditions closely,” Mnuchin said.

“Certain industries, such as construction, are recovering quickly, while others, such as retail and travel, are facing longer-term impacts and will require additional relief.

“We are also sensitive to the fact that certain areas of the country are experiencing increased numbers of cases of the virus.”

"One of the things we'll talk about is, 'Should we just have forgiveness for all of the small loans?' I think that's something we should consider."

Jovita Carranza, the administrator of the Small Business Administration responsible for rolling out the $660 billion Paycheck Protection Program, was also in attendance.

During his testimony, Mnuchin claimed that economic recovery was on the horizon – echoing President Trump – despite business restrictions and a virus surge across The Sun Belt and midwest.

“Recent improvements in unemployment insurance claims suggest that the job market has continued to strengthen in July,” he said.

Negotiations on the bill will begin on Monday in Washington DC after Democratic and Republican lawmakers disagreed over where aid should be directed.

Contention has arisen over whether to help out state and local governments, which have been hard-hit during the crisis.

Mnuchin refuted claims that New Jersey, New York and California sent more taxes to the Feds versus what they receive in assistance.

Senate Majority Leader Mitch McConnell previously slammed these requests from Gov Andrew Cuomo and others as "blue state bailouts."

"It’s not the federal government’s role to bail them out of that," Mnuchin reiterated today.

The news comes after the House of Representatives passed a $3 trillion HEROES Act in May.

But Senate Republicans and the White House didn't agree with some of its provisions.

We are also sensitive to the fact that certain areas of the country are experiencing increased numbers of cases of the virus.

Instead, they have considered legislation which would allocate $1 trillion to $2 trillion and provide liability protections for reopened businesses.

They're also debating the $600 weekly supplemental payments from the government, which are set to expire on July 26 as lawmakers try to thrash out a new deal to rescue the economy.

Some GOP lawmakers think the unemployment payout is dissuading unemployed people from getting back to work, however.

Jobless claims topped 1.3 million last week, marking the 17th straight week of at least 1 million filings.



WKRP in Cincinnati and Police Academy star Howard Hesseman dead at 81


Storm Kenan brings 24 inches of snow as roads are brought to a standstill


Donald Trump speaks at rally in Houston, Texas on Saturday night


Inside ex-Kansas teacher's 'terror plot' before she 'tried to fake her death'

On Thursday, the Department of Labor reported that over one million unemployment claims were filed.

Meanwhile, House Speaker Nancy Pelosi has warned that a second round of coronavirus stimulus checks is vital to help starving Americans as she urged Congress to get a move on.

"This is urgent. They need to buy food. These are necessities," she told reporters on Thursday. "So it is a stimulus, but it's more than a stimulus — it is a necessity right now."


    Source: Read Full Article