US Treasury Sec. Mnuchin: Administration supports second PPP payment to hard-hit businesses

The construction sector in the US is recovering quickly but retail and travel sectors are facing longer-term challenges, US Treasury Secretary Mnuchin said on Friday.

Additional takeaways

"Main street lending facility is starting to make loans."

"There should be funds set aside from the PPP program for minority-owned small businesses."

"Should consider blanket forgiveness for smaller PPP loans."

"Trump administration supports topping up existing PPP funds with additional money."

"Administration supports allowing a second PPP payment to businesses that are especially hard-hit."

"Future PPP loans should have a revenue test, targeted at firms with significant revenue losses."

Market reaction

These comments had little to no impact on market sentiment. As of writing, the S&P 500 Index was virtually unchanged on the day at 3,216 points.