Mnuchin: most affected companies should be able to get a second PPP payment

treasury secretary Steven MnuchinSteven Terner MnuchinOn The Money: Enhanced unemployment insurance likely to expire during COVID-19 aid talks | Trump says he will not issue national mask mandate | Mnuchin: Most affected companies should be able to get a second PPP payment The travel industry demands specific relief amid a coronavirus pandemic Mnuchin: Most affected companies should be able to get a second PPP payment MORE He said Friday that he believes companies most affected by the coronavirus pandemic should be able to receive a second round of assistance under the Paycheck Protection Program (PPP).

“The administration supports the use of existing money and the surcharge with some additional money, and that will be discussed, and will allow a second payment to companies that are especially affected,” Mnuchin said at a hearing of the Small Business Committee of the Camera.

According to the PPP, small businesses received federal loans that can be forgiven if they are used to retain workers. About $ 130 billion of funds in the program remain available.


The PPP was created by the $ 2.2 billion coronavirus relief legislation that President TrumpDonald John Trump Civil Rights Legend Representative John Lewis Dies Biden Warns About Interference In Russian Elections After Receiving Intelligence Reports Texas Officials Offer Schools Option To Offer Classes Online Only Until November MORE It became law on March 27 and was expanded in subsequent legislation.

Lawmakers and the administration are expected to intensify discussions on another aid package next week.

Mnuchin said he believes there should be a “proof of income” for companies to receive a second payment to “make sure the money goes to companies that have a significant decrease in income.” She added that the second payments should not be directed to any specific industry.

The Chair of the Small Business Committee, Nydia Velázquez (DN.Y.), asked Mnuchin if she would support reserving some PPP loan funds for minority-owned small businesses. Mnuchin said that there should be such a separation.

The top Republican on the committee, Rep. Steve ChabotSteven (Steve) Joseph ChabotMnuchin: Most affected companies should be able to get a second payment PPP Cook shifts 20 House districts toward Democrats Dancing without a beat: Republican candidates look like Elaine in Seinfeld MORE (Ohio) noted that some companies have found the loan forgiveness process to be complicated and asked if it needs to be further simplified.

Mnuchin said lawmakers and the administration should consider providing blanket forgiveness for smaller loans, while making sure that there is some form of protection to protect against fraud.