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Mnuchin: Bill to Rescue Economy with Help From Federal Reserve Ready for Monday Vote

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Treasury Secretary Steven Mnuchin said Sunday that the Federal Reserve will play a key role in lending funds to businesses hurt by the coronavirus pandemic, Market watch reported

“Working with the Federal Reserve — we’ll have up to $4 trillion of liquidity that we can use to support the economy,” Mnuchin told Fox News on Sunday.

“Those are broad-based lending programs. … We can leverage our equity working with the Federal Reserve,” he said.

The Treasury secretary said the plan is broad-based to help small and large businesses “get through the next 90 to 120 days,” he said.

Mnuchin said he thought the bill would be finished Sunday and ready for a vote on the Senate floor on Monday.

• Small-business retention loans aimed at helping companies keep workers on their payrolls. This will cover about half the workforce, Mnuchin said. Payments will include two weeks’ worth of cash flow and some overhead. The loans will be forgiven if workers are not laid off.

• Checks for Americans. The average check for a family of four will be $3,000, the Treasury secretary said.

• Enhanced unemployment insurance for people who are laid off due to the pandemic.

Sen. Pat Toomey, a Republican from Pennsylvania, said the lending under the Fed program would be temporary credit that needs to be paid back. “None of this is free money. This is all going to be liquidity that is provided to fundamentally solvent companies to get them through this time,” Toomey said in an interview on NBC’s “Meet the Press.”

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