SSOCC Hearing Wrap Up: Congress Must Extend Job-Saving Program

WASHINGTON – Today, U.S. Department of Treasury Secretary Steven Mnuchin testified before the Select Subcommittee on the Coronavirus Crisis (SSOCC) on the Trump Administration’s response to rebuild our economy. Earlier today, SSOCC Republicans released a report on the Paycheck Protection Program, finding that the Department of Treasury and Small Business Administration’s fast action to implement this program protected over 50 million jobs and especially helped rural and minority communities.

During today’s hearing, Secretary Mnuchin told the Select Subcommittee that without the PPP, we would not have added nine million jobs in three months. He also stated we would have lower unemployment if Democratic governors allowed people to go back to work within their states.

Jordan: Is it fair to say that if Democrat governors would let people go back to work in their states we would have less unemployment?

Mnuchin: Yes, we would expect unemployment to drop.

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Jordan: If we didn’t have PPP, would we be adding nine million jobs that you just saw in the past three months?

Mnuchin: No … we have over $133 billion left in PPP, which I believe if Congress was willing to take up a standalone action to repurpose this money for additional funds, I believe it would pass with overwhelming support.

PPP has produced results. It’s provided certainty to American workers and their families and has helped to rebuild our economy. Democrats must end their partisanship and work with Republicans to extend this program to provide more small businesses with the ability to make payroll.

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