WASHINGTON — Treasury Secretary Steven Mnuchin on Friday called on Congress to work with the Trump administration to pass additional stimulus legislation by the end of the month as the resurgent coronavirus pandemic left the trajectory of the economic recovery uncertain. In testimony before the House Committee on Small Business, Mr. Mnuchin said that the next round of money to support the economy should be targeted to help industries that have been hardest hit by the pandemic, as well as smaller businesses and low- to middle-income families. Mr. Mnuchin also said that the Paycheck Protection Program, which provides forgivable small business loans, should be extended but with a focus on helping the restaurant, hotel, travel and hospitality sectors. “We are monitoring economic conditions closely,” Mr. Mnuchin said in his prepared remarks. “Certain industries, such as construction, are recovering quickly, while others, such as retail and travel, are facing longer-term impacts and will require additional relief.”

Source: New York Times July 17, 2020 14:54 UTC