Treasury Secretary Steven Mnuchin speaks during a meeting with restaurant industry executives about the coronavirus response, in the State Dining Room of the White House, Monday, May 18, 2020, in Washington. Mnuchin said workers who don't go back to work stand to lose their unemployment benefits under the Paycheck Protection Program, which helps businesses cover employee salaries.
Many employees are still fearful about returning to poorly paid jobs with few protections and getting infected with the coronavirus.Treasury Secretary Steven Mnuchin said on Tuesday that workers who refuse to go back to work could lose their unemployment benefits under the small business aid program.
Mnuchin responded he was "aware of the technical problem," and said people who don't head back to work stand to lose their benefits. Under PPP, banks are in charge of distributing government-financed loans to businesses employing fewer than 500 workers. A loan is forgiven if at least 75% of it is used on employee salaries, and the rest can go toward fixed expenses like rent.Buy these 14 bank stocks that are jarringly cheap and propped for extreme moves higher, BTIG says
It has always been that way.
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'We are fully prepared to take losses' on coronavirus business bailouts, Mnuchin saysMnuchin defended the administration's track record on disbursement of money from the $2 trillion CARES Act passed by Congress to aid struggling businesses, industries and individuals. trumps good with taking losses As in we he means taxpayers.
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