Secretary Mnuchin Foreshadows Additional CARES Act Stimulus

Posted: Jul 02, 2020 11:30 AM
Secretary Mnuchin Foreshadows Additional CARES Act Stimulus

Source: AP Photo/Alex Brandon

Treasury Secretary Steve Mnuchin addressed the possibility of an additional stimulus package to bring economic relief to struggling Americans as COVID-19 continues. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) delivered direct payments to Americans in need of relief because of economic distress caused by COVID-19. The legislation worked in tandem with the Paycheck Protection Program (PPP) which gives forgivable loans to American small businesses in order to keep their doors open.

Secretary Mnuchin also said that the next phase of CARES Act stimulus relief could include funding to help schools reopen in the Fall:

The CARES Act gives tangible relief to those in need, and brings millions of Americans back to work. Thursday’s job report numbers are undoubtedly positive, and foreshadow economic recovery, but Secretary Mnuchin said that the administration’s work is not done until “every single American who lost their job because of COVID is back to work:”