Treasury Secretary Steven Mnuchin says the Trump administration is determined to support American businesses and workers.
“We want all small businesses to keep employees so that they can reopen those businesses quickly when its medically sufficient,” Mnuchin told FOX Business’ Maria Bartiromo on Monday morning.
He reiterated that any small business with fewer than 500 employees is eligible for a loan amounting to two months of payroll and some overhead and that it will be forgiven if the company keeps its workers or rehires them.
"I assure you that the Treasury will be working with the SBA, that we're going to add an enormous number of new lenders," he said. "Basically, this is going to work that any small business can go into a bank very quickly, get the loan underwritten and get the money fast."
The Senate failed to advance the $1.4 trillion COVID-19 stimulus package on Sunday evening with Democrats saying the bill went too far in helping big corporations and didn’t go far enough in aiding individuals and health care providers. Another vote is expected on Monday.
Meanwhile, Mnuchin also discussed the administration and Congress' efforts to keep airlines afloat as the economy weighs on the industry.
“There are no bailouts," Mnuchin said. "This is not about bailing anybody out. There is a special provision that we are in the process of negotiating for airlines. Airlines do provide significant resources and national security issues. We want the airlines to continue to be able to operate domestic air travel.”