
US Treasury Secretary Steve Mnuchin pleaded with small businesses to not fire their employees as he appeared via phone on Fox Business this morning.
"All small businesses: We will have an immediate mechanism. That’s close to 50% of the US economy for workers. We are encouraging small businesses, make sure you hire people back. If you haven’t let people go, don’t let people go, because we are providing you necessary liquidity and we’re going to get that money out fast," he said.
He claimed that some "new drugs" have been approved to fight coronavirus when asked if there would need to be a second stimulus if this lasts beyond 10 to 12 weeks.
"I’m very hopeful that we’re going to kill this virus in that time period, if not shorter. I spoke to the President last night. I know he is very pleased with the medical professionals and then some of these new drugs that have been approved. This legislation prepares us for what I would say, the 10 to 12 week period, but I hope we don’t need to last that long. And for whatever reason, this turns out that it’s gonna last longer, we will go back to Congress," he said.
He outlined how the current legislation will provide liquidity for small businesses and said it needs to be passed "ASAP."