Mnuchin: Fed to Make $4 Trillion Dollars of Loans Available to Small Businesses, Plus $3k Cheque to Families

Sweet Jesus! This morning US Treasury Secretary Steven Mnuchin was on Fox Business and said the US will lend up to $4 trillion to businesses affected by the coronavirus pandemic, issue $3k cheques to families, cover payroll for businesses and more.

Working with the Federal Reserve — we’ll have up to $4 trillion of liquidity that we can use to support the economy,” 

US Treasury Secretary Steven Mnuchin

There are five main components coming:

  1. Small Business Retention Loans. Two weeks of payroll plus cash to cover some overhead. This loans will later be forgiven should companies follow the guidelines.
  2. Direct deposits. The average direct deposit for a family of four will be approximately $3,000.
  3. Enhanced Unemployment Insurance. For people who are laid off due to the coronavirus.
  4. $4 Trillion Dollars of Liquidity to Support the Economy. For broad based lending programs.
  5. Investment in Hospitals. Approximately $110M to support hospitals through the virus.

Information for this briefing was found via Fox News. Not a recommendation to buy or sell any securities. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.