WASHINGTON -- Treasury Secretary Steven Mnuchin will likely come under tough questioning from senators Tuesday about a small business lending program included in the government's $2 trillion relief package.
Mnuchin said in prepared testimony that so far, the paycheck program has processed more than 4.2 million loans for over $530 billion “to keep tens of millions of hardworking Americans on the payroll.” The loans do not have to be paid back as long as the borrowing business uses 75% of the money to cover workers' paychecks.
On Monday, a separate congressional oversight panel said that the Fed and Treasury have spent very little of the $500 billion that Congress allocated to support businesses hurt by the coronavirus outbreak. The oversight panel also asked how the two agencies would evaluate the success of their programs.
“We are deeply committed to transparency, and recognize that the need for transparency is heightened when we are called upon to use our emergency powers,” his testimony says.
Terrible job he should be fired all the money went to big businesses .The small businesses got nothing from the so called small businesses spending act!
Mmmmm Grilling with Munchie
Didn’t Mnuchina purchase a desk from tax payers money for $82,000. Way back when? Ohhhh, we don’t remember that do we😁😁😁
Sort of makes me think however well intentioned something might be the government is still inefficient and plagued with practicality and application issues. Describes every government related program.
They gave out free money with no regulation and now they are trying to get it back, guess what its not gonna happen. New level of incompetence.
tRump incompetent. Mnuchin hired by tRump. Mnuchin incompetent.
PPP Extra $600 in unemployment...
The government constantly proves it can barely function, why do people want them in charge of their healthcare?
This guy take bribes like in FIFA
LAWMAKERS CREATED THE PPP
Among other provisions, the HEROES Act would provide nearly $1 trillion in emergency relief to struggling state and local governments that have seen revenue sources dry up amid the coronavirus pandemic. So Americans REVENUE HAS DRYUP ALSO. ? But ok to bail states out not American
I got mine and I am going to buy a golf cart
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