Treasury Secretary Steven Mnuchin & Brown University President Christina Paxton

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 28 April 2020

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Paycheck Protection Program resumed this week with a fresh infusion of $310 billion for America’s small businesses. Treasury Secretary Steven Mnuchin addresses flaws in the relief package, including why stimulus intended for small businesses inadvertently helped big players, like the LA Lakers and Shake Shack. Secretary Mnuchin, a member of the White House Coronavirus Task Force, shares how how government relief will review large loans before granting forgiveness, and explains why this crisis is different from the problems in 2008. Plus, Brown University President Christina Paxton shares what it will take to reopen campus, from widespread testing to student body privacy concessions.

Transcript

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0:00.0	This is Squawk Pod. I'm C. NBC producer Katie Kramer. Today on our
0:05.1	podcast Treasury Secretary Stephen Manushin on the Paycheck Protection
0:09.1	Program that was intended for small businesses, but is inadvertently extended relief to much bigger
0:14.4	players. I never expected in a million years that the Los Angeles Lakers, which I'm a
0:19.1	big fan of the team, but I'm not a big fan of the fact that they took a 4.6 million dollar loan.
0:24.4	I think that's outrageous and I'm glad they've returned it.
0:27.4	The coronavirus task force member explains how federal stimulus efforts are working
0:31.9	and not working.
0:33.2	How the government will review large loans before granting forgiveness
0:37.0	and how this crisis is unlike ones that came before.
0:39.8	The businesses had nothing to do with this.
0:41.6	So this was not bad business decisions like in the financial
0:45.1	crisis. This was not over-levered real estate. The Treasury Secretary says this time around
0:50.0	government crisis response should also be different.
0:53.0	Plus Brown University President Christina Paxson on getting back to school this fall.
0:58.0	Students are still learning.
0:59.0	It may not be under ideal circumstances, but during this pandemic nobody is working under ideal circumstances but during this pandemic nobody is working under
1:03.4	ideal circumstances. It's Tuesday April 28th 2020 Squack Pot begins right now.
1:10.0	Good morning everybody. Welcome to Squackbox here on
1:12.6	c. I'm Becky Quick along with Joe
1:14.6	Hermann and Andrew Ross Sorkin. The Paycheck
1:16.8	Protection Program or the PPP resumed yesterday with a new
	...

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