Treasury Secretary Steven Mnuchin testified Wednesday before the Senate Small Business Committee, acknowledging that coronavirus-induced unemployment remains too high and that more measures should be deployed to quicken economic recovery.
"We're open-minded, but we absolutely believe small businesses — and by the way, many big businesses in certain industries — are absolutely going to need more help," he said.
Mnuchin added that while he was "pleasantly surprised" the previously passed $670 billion Paycheck Protection Program helped tether people to their jobs and stymie long-term unemployment, more bipartisan legislation will be needed to inject money into the economy.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From the secretary's perspective, the next stage should look a little different, however. Whereas the PPP was passed quickly and was fairly flexible, if unclear, about which businesses could receive loans, Mnuchin wants to specifically target industries that are having the greatest trouble re-opening going forward. Read more at Politico.
-
The Icelandic women’s strike 50 years onIn The Spotlight The nation is ‘still no paradise’ for women, say campaigners
-
Mall World: why are people dreaming about a shopping centre?Under The Radar Thousands of strangers are dreaming about the same thing and no one sure why
-
Why scientists are attempting nuclear fusionThe Explainer Harnessing the reaction that powers the stars could offer a potentially unlimited source of carbon-free energy, and the race is hotting up
-
Warner Bros. explores sale amid Paramount bidsSpeed Read The media giant, home to HBO and DC Studios, has received interest from multiple buying parties
-
Gold tops $4K per ounce, signaling financial uneaseSpeed Read Investors are worried about President Donald Trump’s trade war
-
Electronic Arts to go private in record $55B dealspeed read The video game giant is behind ‘The Sims’ and ‘Madden NFL’
-
New York court tosses Trump's $500M fraud fineSpeed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in IntelSpeed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
-
US to take 15% cut of AI chip sales to ChinaSpeed Read Nvidia and AMD will pay the Trump administration 15% of their revenue from selling artificial intelligence chips to China
-
NFL gets ESPN stake in deal with DisneySpeed Read The deal gives the NFL a 10% stake in Disney's ESPN sports empire and gives ESPN ownership of NFL Network
-
Samsung to make Tesla chips in $16.5B dealSpeed Read Tesla has signed a deal to get its next-generation chips from Samsung
