Treasury Sec. Mnuchin says Congress is “very close” to getting a fiscal stimulus deal done. “This needs to get passed today.” He also discusses getting direct deposits to Americans and loans for small businesses with MadMoneyOnCNBC's JimCramer.
The chamber's Democrats warned the measure did not do enough to help impacted workers and instead offered too much for company bailouts. House Speaker Nancy Pelosi had signaled she was not on board with the Republican version of the stimulus plan, saying: "But the tone on Capitol Hill wasn't totally negative after Senate Minority Leader Chuck Schumer, D-NY, said disagreements over the bill could be overcome in the next 24 hours.
"We are providing immediate loans to small businesses. We're working with the [Small Business Administration]. We're going to make sure that banks can immediately lend money ... as long as those companies hire back their workers or keep their workers," Mnuchin said Monday. "At the end of that period, we will forgive those loans entirely," he added. "We want to make sure that small businesses, which represent about 50% of the private economy, keep workers employed. So when the president is ready to open up this economy again and we've killed this virus, workers are in place. It's no fault of theirs: They're getting paid.
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