Treasury Secretary Steve Mnuchin represented the Trump administration on Capitol Hill amid negotiations to pass historic relief legislation intended to mitigate the economic consequences of the coronavirus outbreak. An agreement was finally reached. On Friday, the CARES Act cleared the last major obstacle and was passed by the U.S. House of Representatives. President Trump signed the bill shortly thereafter.
The legislation will particularly help America’s small business community—which is struggling to stay afloat as consumers take social distancing precautions and governments impose operational restrictions on businesses to curb the spread of the virus. The bill includes $349 billion of forgivable small business loans so entrepreneurs are primed to quickly reopen once the public health crisis subsides.