Secretary Steven Mnuchin Discusses Paycheck Protection Program and Small Business Relief…

Treasury Secretary Steven Mnuchin appears for a wide-ranging interview with Maria Bartiromo. Topics include international travel, the Paycheck Protection Program progress, small business relief, and overall rebuilding of the U.S. economy amid COVID-19 mitigation.

The first few minutes of the interview are weird because Bartiromo doesn’t seem to recognize the PPP program is essentially a grant to small business to keep their employees on payroll. Ms. Bartiromo appears to want the PPP grants to be shifted to free money to replace business revenue, and she’s pushing hard for her Wall St buddies.

Secretary Mnuchin tries to remind Bartiromo that businesses can apply for bridge loans, but the PPP is actually a grant. Bartiromo argues that all businesses should have free money bailouts to replace revenues; an impossible suggestion.

This entry was posted in Bailouts, Big Government, Big Stupid Government, Coronavirus, Donald Trump, Economy, media bias, President Trump, Taxes, Uncategorized, US Treasury, USA. Bookmark the permalink.

43 Responses to Secretary Steven Mnuchin Discusses Paycheck Protection Program and Small Business Relief…

  1. Ogre says:

    I agree with the Secretary – Keep it to the small and medium businesses that really need it.
    Large corporations ought have the reserves to weather something like this. If not, then the CEO and CFO both need to be shown the door.

    Liked by 9 people

    • Publius2016 says:

      exactly…30 million are unemployed because most companies laid them off…PPP is providing relief for many businesses who are making decisions right now based on their Governor and Mayor…there are actually Governors and Mayors who are PREACHING THE APOCALYPSE!

      we are going to the mattresses…make a WISE MOVE NOW! three months ago would’ve been better, but by June 1 decide!

      Like

      • VoteAllIncumbantsOut says:

        Like Sundance says…
        They pretend not to no anything.

        Maria, stop trying to pretend that your upset about Lindsey Graham not investigating the crooks, why? Because your a paid useful idiot, that’s why!

        Like

    • lolli says:

      Ogre👍

      Like

  2. MicD says:

    Here we have chosen a local BBQ house to support.
    IMO it would be wise for all restaurants to explore adding
    a drive-thru wing to their buildings.
    Now would be the perfect time to get the carpenters working…

    Liked by 1 person

    • Maquis says:

      I discovered a cafe that does keto and such shortly before this foolishness and their drive through is what’s keeping them going, and I’m here all the time to help out, including as I type this post. It’s the unique niche businesses that are virtually irreplaceable which are also the most likely to go under in these idiotic circumstances. I watched this happen to such businesses under Zero, never thought I’d see it under PDJT.

      Liked by 2 people

  3. BigDeeTX says:

    Mrs. Bartiromo seems to not know the dangers of just printing money. She seems to have been converted to the socialist mindset per the Fox (aka CNN lite) board.

    Liked by 3 people

    • adam says:

      Swamp’s gonna swamp. Does anyone thing FOX is different? Come on – just because they say some stuff we don’t hate doesn’t mean they’re on our side. LOL.

      Just wait for FOX to being criticizing Trump as we move closer to the election.

      Liked by 4 people

    • The Demon Slick says:

      I like Bartiromo on many issues but she seems incapable of understanding how the act works. She continues to argue that the business shouldn’t have to use the money for payroll because they’re closed and have no revenue. Duh. The act is to replace the revenue and use it to keep the employees on the payroll. So when you go to reopen the people are there. She can’t seem to grasp it, and thinks it’s just free subsidies for small businesses. Money for whatever they want, no strings. That would be a disaster but that’s what she’s arguing for. Like Pigford but for everyone.

      Liked by 7 people

        • jnr2d2 says:

          Hey. More Blah Blah Blah. Is bureaucracy deep state sabotaging? I am still waiting my $1200. I am retired on SS, and that is my income. Less investment LOSSES! My SS checks automatically deposited in my checking. Thus I should have it !!
          Trump, your admin is blowing this. Never promise and then not deliver.

          Liked by 2 people

          • Patty in Porterville says:

            Don’t give up yet. I finally got mine just last Friday.

            Liked by 1 person

          • spren says:

            jnr2d2, you’re receiving SS benefits and for some reason people like you and those like me receiving Railroad Retirement Benefits are seeing our stimulus checks delayed.

            My bank, Key Bank, had an FAQ section which included how to check on the status of your payment. Ultimately, it took me to an IRS site which was irs.gov/coronavirus/get-my-payment . You will need the AGI from your 2018 tax form (or 2019 if you already filed and have had it processed). They will also ask you the amount of refund or tax due you had with that return. Then I also had to provide my bank routing and account numbers, even though, like you, they should’ve already had the information.

            The first time I accessed this site and provided my info, I was told that because I received either SS or RR benefits, they didn’t yet have that information and my payment was being delayed. A couple days later I returned and now they told me they had my information and my check would be direct-deposited into my account on April 30th, which they did.

            Both of my kids had both received their checks several weeks earlier without having to provide any information (other than having filed either their 2018 or 2019 tax returns). I don’t know why the IRS was delaying our checks other than maybe trying to verify we were still above room temperature. I suggest anyone having similar issues follow the procedure I mentioned. I hope it helps.

            Like

          • seekingthetruth2 says:

            I just got notice today that my $1700 will hit my account 5/6. Be patient. It is coming.

            Like

      • BigDeeTX says:

        I think she understands quite well what it is. She’s being coached. Surely it rubs her fur the wrong way, though. She seemed to enjoy 2016 as much as we did.

        Like

  4. LafnH20 says:

    The States closed their economies..

    Now… lost revenues.

    Shocker

    Like

    • chooseamerica says:

      Jrn2. What are you bellyaching for? If SS is your income and what you planned for, why does it matter if you don’t get more. But for the virus, you weren’t getting it anyway.

      Like

      • Patty in Porterville says:

        Jrn2, please show a little more compassion. Before the ’08 crash I had several hundred thousand dollars in the stock market. During the crash it dropped to $75,000 and my well went dry. Cost me tens of thousands of dollars for the new well. Had to cash in the stock because no one would loan me money with stock as collateral. My retirement savings disappeared and now all I have is my SS retirement. Some of us planned and scrimped and saved only to lose it anyway through no fault of our own.

        Liked by 3 people

      • spren says:

        chooseamerica, Jrn2 wasn’t bellyaching. Like every American who pays taxes, he was promised one of the checks. Like him, I live on pension incomes, including Railroad Retirement. I’m also fortunate to have a decent investment portfolio (IRA) which I haven’t yet had to access. Initially, my wife and I wondered why people like us were going to receive the checks and that since we weren’t in need, didn’t deserve them. But then we reconsidered and realized that taking the money or not, we were still going to ultimately be paying for it. Our state and local governments (primarily the schools) initially proposed an 11% increase in property taxes for next year! Our governor (Ned Lamont) also issued an edict that over-ruled all local town charters eliminating the rights of taxpayers being able to vote on the proposals. Now, they are just arbitrarily establishing those tax rates without any voter representation.

        Whether any of us need the checks right now, we’re going to need them eventually. BTW, I also have contributed much of the money to charities like The Salvation Army. You were really out of line with your comment despite your freedom to make it. Respectfully.

        Liked by 2 people

  5. Publius2016 says:

    PPP is designed to provide liquidity so banks can continue to function and some businesses can reopen or MOVE!

    States that OPEN have the advantage…look at California Illinois and New York…the longer they stay closed, they will lose 20% of their income as the next tier of PEOPLE RUN TO OPEN STATES!

    How can main street USA make money while Amazon continues to eat their lunch??? unless you are a government worker, June 1 is GAME OVER!

    Liked by 3 people

  6. randyinrocklin says:

    I do respect Maria, I watched her since she was on CNBC. She’s smart, but somehow misunderstands the purpose of PPP. You cannot give companies free money to businesses because it’s not one size fits all. Free money to the people is an example of one size fits all problem solving, a government solution. As RR said long ago, I’m from the government and the rest is history.

    Like

  7. 4sure says:

    Maybe if we had passed one and only one free money bill, Trump money, like Obama money, and spent 12 trillion dollars by giving every adult
    $50,000 we could have let
    consumers buy our way out of
    This.

    12 trillion dollars would probably be a bargain by the
    Time this is all over.

    Liked by 1 person

    • Publius2016 says:

      remember, the $2.2 Trillion the FED created can be RETIRED…as 45 says, Its our currency…

      Liked by 1 person

    • Shark 24 says:

      All i know is my newly born grand daughter is going to have a hell of a debt to settle. I am blessed that I don’t have to take nothing. I grant that many are in need and I support that but I think the politics has made the problem 10X worse. Anyhow….

      Liked by 1 person

  8. pucecatt says:

    I keep hearing these politicians say “ we need to help the unemployed “ aren’t they doing that with the xtra 600 per week that the unemployed get now ? Then you have others advocating for the “ essential “ workers and compensating them , who gets to pick which sector is essential? Anybody working outside the home should be compensated with at the very least a payroll tax cut?

    Like

  9. Nick the Deplorable says:

    When this started we were told Close down and stay at home for 15 days. At the end of 15 days we were told stay at home for another 30 days. We were told the government would give businesses loans to cover two months of expenses like rent and utilities.
    Maria is correct most small business will not ever recover from this. Seems like the only SB that got loans were SB that had outstanding loans with their bank and the bank pushed those loans through first so those customers would not default.

    Liked by 1 person

  10. Ninja7 says:

    NICK, That is why there were many community banks that were included in providing the SAB loans. More money to Main Street was the intention, as to the outcome?🤔🤔

    Like

  11. convert says:

    The PPP is saving the country! Millions of people are out of work across the hospitality industry and don’t qualify for unemployment. I know workers who are still getting a paycheck because of the PPP who would otherwise have Zero income! Thank God for the program.

    Liked by 2 people

  12. TradeBait says:

    Maria is employed by globalist FBN. She is paid to shill on command.

    Like

  13. GB Bari says:

    Sundance observed Maria correctly, IMO. The Money Honey is still too connected to her globalist sponsors and financiers: Wall Street. I’m not sure I ever really heard her accurately acknowledging the huge benefit to Middle Class America from the shift of focus to Main Street by the President and his economic team.

    Maria has been a pit bull on Spygate and Russiagate but a bit (purposefully?) blind on the President’s economics.

    Liked by 3 people

  14. iSapiens says:

    Sorry – can someone educate me here? Isn’t a ‘grant’ free money? What’s the difference?

    Like

    • GB Bari says:

      A grant (free money) is provided only for a limited, very strictly defined use.
      PPP loan does not become a grant unless 75% of the loan is used for employee payroll over an 8 week period that starts after the loan is made.
      Details here:

      Click to access PPP–Fact-Sheet.pdf

      Like

      • GB Bari says:

        I think WP tried to post the PDF instead of just the hyperlink.
        Here is the link: home.treasury.gov/system/files/136/PPP–Fact-Sheet.pdf

        Like

  15. Rich says:

    This is a terrible program, it was put together with no thought. I employ north of 300 people made payroll decisions based on getting this money. The clowns then change the rules, three weeks into the program treasury starts to threaten small business owners with the threat of prison and fines based on how the government defines “uncertain” and “necessary” versus how I define those terms as a business owner. I gave all my ppp money back to avoid an audit and the chance of getting the Michael Flynn treatment. Unfortunately On the same day I returned the ppp money I had no choice but to terminate more than a handful of jobs, that otherwise would not have been lost.

    Like

  16. czarowniczy says:

    Speaking of small business, what about landlords? Feds and states have, to varying degrees, halted evictions over rents not paid due to job losses. As I’d posted earlier there’s a movement to end rents during the pandemic, the landlords just have to eat the losses and not get paid until some ‘end of the rainbow’ point after the pandemic’s over.

    Leftist groups in NOLA are organizing a rent strike, they’re advertising with ‘bleed the landlord’ posters, pushing for rent strikes now that there’s a moratorium on evictions as the courts that handle them are closed and there are questions as to if regular renters can be folded under the Federal restrictions on evicting those under Section 8.

    A lot of renters are taking advantage of this eviction hiatus to not pay rents and break rules in their leases such as bringing pets into pet-free dwellings. As they can’t be evicted until the courts open, and even then there’ll be a backup of cases to be heard, they can bloody well (and many are) what they want. Even then the eviction process can take weeks.

    There are renters who know the game well and play it even better. This ban on evictions has given them a free ride that can last months and they will play it as extra innings on the game. The landlords will be stuck for months of lost rent and no one knows how much damage, rentals in the city are going to be screwed up for months and months. Rentals are small businesses as many of the renters own one or a few units but don’t have the push to get into Federal giveaways, they get trampled by the not-unforeseen consequences but don’t have the rights their parasites do.

    Like

  17. CharterOakie says:

    Mnuchin is simply outstanding. A real pro.

    Like

  18. California Joe says:

    If Secretary Munchkin would get Democrat governors to end the ridiculous shutdown dumpster fire nobody would need a Payroll Protection Plan or Small Business Relief Program. No?

    Like

  19. Azrajo says:

    My son applied the second day, received a number and still no money. There are lots like that. I think the banks are holding onto the money as long as they can.

    Like

  20. peakae says:

    Our small business received PPP money via our bank in MT. Per the contract, we have to start repaying it in 7 months with the monthly amount stated within. My understanding is that 75% of it can turn into a grant if it is used exclusively for payroll protection, not letting any employees go. But 25% still has to be paid back.

    Like

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