Mnuchin Urges Congress to Pass Another Stimulus Bill for Hardest Hit

Treasury Secretary Steven Mnuchin told Congress Friday that the U.S. economy “continues to recover” from the COVID-19 global pandemic. But he urged lawmakers to work with the Treasury Department and the Trump administration to pass additional stimulus measures by the end of the month.

Mnuchin said the first round of stimulus passed by Congress is “keeping tens of millions of employees in their job,” and certain industries, such as construction are “recovering quickly.”

But he said there are other sectors of the economy – retail and travel, for example – that continue to struggle from the effects of the pandemic and subsequent shutdowns.

Mnuchin pushed members of Congress to pass another round of stimulus payments for those industries, in particular.

“A next phase of relief should extend the PPP, but on a more targeted basis for smaller companies and those that are especially hard hit, such as restaurants, hotels and other travel and hospitality business,” he said.

Mnuchin’s request comes as Congress debates a potential fourth round of bailout packages since the coronavirus shuttered the U.S. economy.

It also comes as a major source of income for millions of unemployed Americans – weekly federal unemployment checks – are set to expire at the end of the month.

Subscribe to our YouTube channel: https://bit.ly/2TwO8Gm

QUICKTAKE ON SOCIAL:
Follow QuickTake on Twitter: twitter.com/quicktake
Like QuickTake on Facebook: facebook.com/quicktake
Follow QuickTake on Instagram: instagram.com/quicktake
Subscribe to our newsletter: https://bit.ly/2FJ0oQZ
Email us at [email protected]

QuickTake by Bloomberg is a global news network delivering up-to-the-minute analysis on the biggest news, trends and ideas for a new generation of leaders.

source