Mnuchin And Powell To Testify Remotely On Coronavirus Relief

Mnuchin and Powell testify remotely before the Senate Banking Committee, providing a quarterly report on the CARES Act. The Congressional Oversight Commission reports minimal loan distribution from the $500 billion allocated for businesses and governments. Lawmakers inquire about economic stimulus payments and the Paycheck Protection Program. Mnuchin states that 4.2 million small business loans have been processed, with conditions for loan forgiveness. Concerns arise over program restrictions potentially affecting borrowers.

What was the main focus of Mnuchin and Powell's testimony before the Senate Banking Committee?

• The role of the Federal Reserve

• The future of the stock market

• The impact of the pandemic on healthcare

• The effectiveness of the CARES Act

According to the Congressional Oversight Commission, how much of the $500 billion set aside for businesses and governments has been loaned out?

• Very little

• A significant portion

• None of it

• All of it

What condition must businesses meet to have their Paycheck Protection Program loans forgiven?

• Spend 100% on payroll

• Spend 75% on payroll

• Spend 50% on payroll

• Spend 25% on payroll

What is a potential issue with the Paycheck Protection Program as highlighted by a government watchdog?

• It is too easy to qualify for

• It could lead to inflation

• It might harm many borrowers

• It is not available to large corporations

Who reported the concerns about the Paycheck Protection Program for Newsy?

• Catherine Beak

• Jane Smith

• Michael Johnson

• John Doe