Apply here: How to spend $2.2 trillion and rescue the economy
President Donald Trump aims to shovel $2.2 trillion into the U.S. economy over the next few weeks to try to cushion its free fall. But that means putting his fate in the hands of banks, profit-minded businesses and government bureaucrats he has frequently derided, along with a man who has emerged as arguably the biggest power broker to business in Washington: Treasury Secretary Steven Mnuchin. The relief package, which includes direct cash payments, $349 billion in loans for small businesses and a $500 billion corporate rescue fund, is the biggest ever in U.S. history. Trump has warned Americans to brace for a “hell of a bad two weeks," with 100,000 to 240,000 coronavirus deaths now projected in the U.S. even if current social distancing guidelines are followed. At the same time, the country is hemorrhaging more than 3 million jobs a week, with economic forecasters warning of a deep recession. Peter Henning, a law professor at Wayne State University and a former Justice Department attorney, said the act was written to give Mnuchin tremendous power. “He can negotiate the terms of any loan or loan guarantee, so it’s a much broader authority than back in 2008, when Congress offered a bailout to banks and automakers during the last financial crisis.”