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22 Mar, 2020 14:38

‘Nobody knew Covid-19 would take off like it did’: Mnuchin says coronavirus looks like 10 to 12 week scenario

‘Nobody knew Covid-19 would take off like it did’: Mnuchin says coronavirus looks like 10 to 12 week scenario

The US treasury secretary has assured US citizens that the coronavirus is unlikely to last very long, but defended the Trump administration by saying no one could have predicted how bad things would really get.

Amid panic surrounding the coronavirus and a spiraling economy, Mnuchin has announced he believes the coronavirus is a 10- to 12-week situation, and US citizens and businesses should be expecting relief very soon.

Speaking to Fox News, Mnuchin revealed that the much-talked-about economic coronavirus package is expected to move through Congress on Monday, as details are currently being finalized.

It includes small business retention loans, as well as up to $3,000 for US families, which would be directly deposited into their bank accounts. The bill also includes up to $4 trillion of liquidity for the Federal Reserve to support the economy. 

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“Nobody expected this to take off at the rate that it did,” Mnuchin said of the coronavirus.

He says the money is to help both citizens and businesses make it through the next 90 to 120 days and if it’s necessary, the government will return to Congress for another economic package. 

There are currently over 300,000 cases of the coronavirus around the world, and the death toll from the disease has topped 13,000, 340 of those occurring within the US.

There are over 26,000 confirmed cases of the virus in America, with that number rising daily and states like New York responding with full-on shutdowns and orders for citizens to quarantine themselves in their homes.

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