Mnuchin: standalone PPP ‘easiest’ way to get more help to struggling small businesses – By Anne Sraders (Fortune) / Sept 1 2020
Amid a battle in Congress over new stimulus, Treasury Secretary Steve Mnuchin said passing a standalone bill to revamp the Paycheck Protection Program is the “easiest” option to get continued help to small businesses.
In the Secretary’s first appearance before the House Select Subcommittee on the Coronavirus Crisis on Tuesday, Mnuchin said during the hearing that “jobs and kids” were the most important area of focus for the next stimulus bill, and that on the jobs front, a repurposed standalone PPP bill would be the “easiest to pass”—a prospect that has garnered support on both sides of the aisle and would likely “pass with overwhelming support,” Mnuchin argued. The PPP expired on Aug. 8 with over $130 billion in unused funds after being extended by Congress.
Recent PPP proposals floated would largely include more targeted help to smaller businesses (with fewer employees) who are able to demonstrate a hit to revenue or profits owing to the pandemic (Mnuchin also singled out those in industries like hospitality, travel, and entertainment as “hit very, very hard”). Additionally, Rep. Nydia Velazquez emphasized during the hearing Tuesday that a new PPP bill would also need to prioritize minority-owned businesses that were hit the hardest and struggled to access previous rounds of the program.
Continue to article: https://fortune.com/2020/09/01/mnuchin-standalone-ppp-aid-for-small-businesses/
