Treasury Secretary Steven Mnuchin told the House Select Subcommittee on the Coronavirus Crisis Tuesday that the administration remains committed to working with the House and Senate on a “bipartisan basis” for a “Phase 4 relief package,” including more funds for the Paycheck Protection Program.
In testimony before the coronavirus subcommittee Tuesday afternoon, Mnuchin said certain areas of the economy “need additional relief.”
Mnuchin said he believes a “deal should be reached, and would provide substantial funds” for other areas also, including schools, testing, vaccines and continued enhanced unemployment insurance.
“We need support quickly,” Mnuchin said, “and if we need more we’ll come back. We’ve been working hard to get a negotiated agreement on a bipartisan basis.”
He also said there was PPP funding left over and that the money should be targeted at the hardest-hit industries. The deadline to apply for the loans was Aug. 8.
House Panel Report Highlights PPP Fraud, Waste and Abuse
Meanwhile, at the hearing, the subcommittee released a preliminary analysis which found that over $1 billion in Paycheck Protection Program loans were given to companies that received multiple loans, which violated PPP rules.
On June 15, the Select Subcommittee launched an investigation into the Trump administration’s implementation of the PPP, following reports that the program favored large, well-funded companies.