Treasury Secretary Steven Mnuchin said Sunday that a tentative stimulus package in response to the coronavirus outbreak will include two weeks of loans to small businesses and an average payment of $3,000 to a family of four.
“The president is very determined to protect American workers. The first part are what I call small business retention loans. If you’re a small business, you’ll get two weeks of cash flow to pay your workers. You’ll also get some overhead, and if you do that, your loans will be forgiven,” Mnuchin said on “Fox News Sunday.”
{mosads}“The second part is direct deposits. The average direct deposit or check for a family of four will be approximately $3,000 — a bridge for them to get through this quickly. The third component is enhanced unemployment. The fourth component is a significant package working with the federal reserve. We’ll have up to $4 trillion to support liquidity that we can use to support the economy,” he added.
Asked by guest host John Roberts for a time frame of how quickly the measures could help restore the status quo, Mnuchin responded, “I hope this gets passed on Monday. We’re looking at anywhere from a 10- to 12-week scenario.”
“We need to get the money into the economy now. If we do that, we think we can stabilize the economy,” he added. “I think the president has every expectation that this is going to look a lot better four or eight weeks from now.”
“This isn’t the financial crisis that’s going to go on for years,” he added. “We’re going to do whatever we need to do to win this war.”