Coronavirus Relief: US Treasury Says Government ‘Will Not Run Out Of Money’ For Small Businesses

The U.S. Treasury has assured small business owners that there will be enough relief funding to help them weather the coronavirus outbreak. In an interview with CNBC's Jim Cramer, Treasury Secretary Steven Mnuchin expressed confidence that the federal government has the necessary resources.

“Jim, we’re raising over $2 trillion for our COVID relief. We are raising it all across the curve,” Mnuchin said on "Squawk on the Street."

“I want to assure all small businesses out there: We will not run out of money. The president has asked us to go back to Congress. We hope they pass this tomorrow and Friday.

"And we want to assure everybody if you don’t get a loan this week, you’ll get a loan next week or the following week. The money will be there.”

As part of the $2 trillion economic relief pack signed on March 27, $350 million was allocated in aid to small businesses. Dubbed the “Paycheck Protection Program,” the funds are intended to help smaller companies with fewer than 500 employees keep up payroll and manage expenses during this period of extended shutdowns.

Mnuchin also stated that during the COVID-19 pandemic, "the banks have done a phenomenal job."

There have been concerns that the $2 trillion bailout law does not go far enough. The Washington Post reported Monday that House Democrats hope to extend unemployment aid and small-business assistance, as well as offer another round of direct payment checks. The move is expected to draw support from President Trump.