The US, in conjunction with the Federal Reserve, will lend up to $4 trillion to businesses affected by the coronavirus pandemic, according to Treasury Secretary Steven Mnuchin.
"Working with the Federal Reserve — we’ll have up to $4 trillion of liquidity that we can use to support the economy," he told Fox News on Sunday.
"Those are broad-based lending programs. ... We can leverage our equity working with the Federal Reserve," he added.
"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." -Steven Mnuchin
Mnuchin said the plan should help small and large businesses "get through the next 90 to 120 days."
Secretary Mnuchin joined FOX News Sunday to discuss the latest economic relief package being discussed on Capitol Hill amid the coronavirus pandemic. Some highlights include small business loans, direct deposits, and enhanced unemployment insurance. #FNS #FoxNews pic.twitter.com/1eZKI15ONC— FoxNewsSunday (@FoxNewsSunday) March 22, 2020
The tentative stimulus package will also include an average payment of $3,000 to a family of four, as well as enhanced unemployment, and $4 trillion in liquidity to 'support the economy.'
Exclusively on FOX News Sunday: Treasury Mnuchin breaks down the main components of the stimulus relief package: "I think we are injecting a lot of liquidity into the system. And hard-working Americans know that the President wants to protect them." #FNS pic.twitter.com/x5sNEAdsLd— FoxNewsSunday (@FoxNewsSunday) March 22, 2020
"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," Mnuchin said.
When asked by host John Roberts how quickly all of this might happen, Mnuchin said "I hope this gets passed on Monday. We’re looking at anywhere from a 10- to 12-week scenario."
FOX News Sunday: Treasury Secretary Steven Mnuchin discusses the timeline of the economic stimulus. Secretary thinks the package will be passed Monday: "we're looking at this from anywhere to a 10 to 12 week scenario." #FNS #FoxNews pic.twitter.com/A3fgc4xxTv— FoxNewsSunday (@FoxNewsSunday) March 22, 2020
"We need to get the money into the economy now. If we do that, we think we can stabilize the economy," Mnuchin 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 ... We’re going to do whatever we need to do to win this war."