Mnuchin Accepts That Small Business Are Getting Slaughtered - Forex News by FX Leaders

Mnuchin Accepts That Small Business Are Getting Slaughtered

Posted Tuesday, August 18, 2020 by
Skerdian Meta • 1 min read

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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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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