The economy may reopen sooner rather than later, but Treasury Secretary Steven Mnuchin believes it is ultimately up to President Donald Trump to make that decision.
When asked if he thinks the economy could reopen by May, Mnuchin seemed optimistic.
“I do,” Mnuchin said.
He added, “As soon as the president feels comfortable with the medical issues, we are making everything necessary that American companies and American workers can be open for business and that they have the liquidity they need to operate their business in the interim.”
Watch his comments below:
Our full interview with Treasury Secretary Steven Mnuchin.
— Squawk on the Street (@SquawkStreet) April 9, 2020
He says the U.S. could reopen for business in May – as soon as the president feels comfortable with the medical issues.@CNBC @jimcramer @carlquintanilla @davidfaber pic.twitter.com/dRReUg19AW
Mnuchin’s comments come shortly after Trump laid out his plan for reopening the economy. He reported he is considering reopening the economy in sections of the United States, as IJR previously reported.
He suggested different parts of the nation are being hit harder than others including New York, New Jersey, Louisiana, and Michigan.
The $2 trillion coronavirus relief package provides assistance to small businesses suffering from the outbreak.
More recently, the Senate rejected a measure Republicans introduced to provide an additional $250 billion to help small businesses, as IJR previously reported.
Mnuchin commented on the measure before it was struck down in the Senate.
“I want to encourage all small businesses that if they don’t get a loan today, there will be money and that’s why we went to Congress and we asked Congress for another $250 billion to make sure every single small business has money,” Mnuchin said.
House Speaker Nancy Pelosi (D-Calif.) has also called for a fourth stimulus package to provide more funding to small businesses.
Unemployment rates skyrocketed to the highest they have been in decades coming to a total of nearly 16.8 million as of Thursday, according to reports.
Mnuchin reported he believes the economy will bounce back quickly after the United States recovers from the crisis.