Secy. Mnunchin addresses direction of next PPP loans
UPDATED 7:53 AM PT — Saturday, July 18, 2020
Treasury Secretary Steven Mnunchin said the second round of checks under the Payment Protection Program should be given to businesses hardest hit by the coronavirus. On Friday, he said there should be a revenue test to ensure checks are going to the right businesses.
Under the program, small businesses may receive federal loans to keep their businesses afloat and pay their employees. Mnunchin also noted he supports setting funds aside for small minority businesses.
“A next phase of relief should extend the PPP, but on a more targeted basis for smaller companies and those that are especially hard hit,” he stated. “Such as restaurants, hotels and other travel and hospitality business.”
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Mnunchin also suggested any loans under $150,000 should automatically be converted to grants. Lawmakers are expected to ramp up discussions over another relief package next week.