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Mnuchin Accepts That Small Business Are Getting Slaughtered
During the lock-down months, small businesses have been hit the hardest. Large businesses did suffer, especially manufacturing, but they are bouncing back up. Services took a hard blow, but large service providers did fairly well, with Amazon and big retailers increasing their sales. So, the small businesses are the ones that are closing down. Although, let’s see how Trump will help them out, since Mnuching is suggesting that, as well as another weekly payment package.
Mnuchin speaking with Cramer on CNBC
- The President wants to do more for small business
- People are beginning to spend
- Half of the employment in the US is in small business
- Five states have already been approved for $300/week payments. A total of 19 in process. Most of the states qualify
- White House and Democrats agreed to $10B for USPS but was part of stimulus bill
- Mnuchin says there could be a small deal on COVID-19, “a lot of bipartisan support for that”
- There’s a deal to be done here if Democrats want to be reasonable
- It’s a two-tiered economy right now, some businesses are doing phenomenal but there are plenty of small businesses on the ropes
There was nothing there we haven’t heard before. It’s more-interesting that Cramer in the past few days has had the realization that COVID-19 is going to hollow out small business and leave an oligopoly of big box stores.
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