This is my stimulus update for Monday, July 6th.
What the Secretary of Labor Said When Asked About More Stimulus
This morning, Secretary of Labor, Eugene Scalia, was on Fox Business News and he was asked about whether he thinks that additional stimulus money is necessary.
He avoided the question entirely. He just went right into how great the jobs report is.
Dagen McDowell: Joining me now, U.S. Labor Secretary, Eugene Scalia. Mr. Secretary, great to see you. Do you think that additional stimulus, and we’ll get into the specifics of that, do you think additional money some way, somehow is necessary right now?
Eugene Scalia: Well, the jobs report Friday, Dagen, was just such extraordinarily good news. And as you’re indicating, I think will be part of the discussion about what we should do in any legislation at the end of July. We have now added seven and a half million jobs over the months of May and June, far better than people were projecting in March at the time that the CARES Act was enacted, at the time that that $600 a week unemployment benefit was put in place. So unemployment dropping to just about 11%.
I was on with Maria not too long ago. She was asking whether we could get to 10% unemployment by the end of the year and here we are at 11% for June. So things are trending so much better than people had been predicting. And I think that’s going to influence the debate now about further stimulus.
So he doesn’t really answer the question. In the rest of the interview he’s basically just dodging the question and basically just going back to the jobs report and stuff we’ve already heard all over before.
What Mitch McConnell Said About the Next Relief Bill
Well, this morning Senate Majority Leader, Mitch McConnell, did say that he believes there will be another stimulus relief bill.
He said, “We’ll be taking a look at — in the Senate in a couple of weeks — another package based on the conditions that we confront today.”
He did say that he believes there will be another coronavirus relief bill. This isn’t really news.
We’ve known this for a while now, but this is just confirmation that Mitch McConnell hasn’t suddenly changed his mind in light of the recent jobs report.
So it looks like there will be another coronavirus relief bill, as we’ve been talking about here for a long time. The details of what’s going to be in it is still apparently anybody’s guess.
Don’t Fall for Clickbait
Anything’s on the table. Larry Kudlow said it last week. “Anything is on the table right now.”
It’s not until those negotiations start, and they should start in a couple of weeks now, that we’re really going to get a firmer idea of what’s going to be in that next coronavirus relief bill.
You may see videos on YouTube saying things like, “Yes,” or, “Finally,” or, “Confirmed.”
Folks, nothing is confirmed, nothing is finally done, nothing is yes, until a bill has passed both Houses of Congress and it is signed into law by the President.
And that will happen at the earliest at the end of this month. At the very earliest. All right?
So don’t be fooled by the clickbait that folks are putting out right now because frankly, there is no whole lot of stimulus news right now.
We’re not going to have any big confirmations for at least a couple of weeks now. So please just keep that in mind.
PPP Data Released
Treasury Department and the SBA have released the names of businesses that received PPP loans of $150,000 or more along with various demographic data.
They have released that demographic data for PPP loan recipients below $150,000.
In the section below, I will show you exactly how you can access this data for yourself if you want to look at it for yourself.
This is our tax dollars at work. This is hundreds of billions of dollars and I like the idea of knowing that I know where it went.
How to Access the PPP Data for Yourself
The website you want to go to to see the PPP data is this big, old, long address here.
Basically what you want to do is click the link, where it says, “To Download All Paycheck Protection Program Data, click here.”
A popup will come up that says, “You are now leaving treasury.gov.”
It’s going to take you to the SBA’s box, boxes like this portal where you can drop large files. So it’s completely legit.
This is the SBA’s box file depository. And you’re going to see a bunch of files in here.
So basically, this first folder here contains the file of SBA loans of $150,000 or more. And then all these state specific file folders, these contain state specific data for SBA loans below $150,000.
To open the first folder showing SBA loans of $150,000 or more. So you would just select the .csv file and you can hit “Download.” And then it should start downloading.
We can go into state and look at the Alabama state data for SBA loans in Alabama below $150,000. There are far fewer loans of $150,000 or more so they can put that all in one file. But then there are so many loans below $150,000 that they had to break up the files by state to make it more manageable.
If you’re a nerd like me you can go check these files out for yourself.