Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin on Thursday said the remaining $ 380 billion from the previous stimulus package could be used to help households and businesses if lawmakers approve it.
However, this value is much lower than the $ 500 billion or $ 1 trillion that economists expect of the new fiscal stimulus to aid recovery.
The extra money, which is also part of the $ 2.3 trillion aid package, is said to help businesses and people who lost their jobs or homes during the Covid-19 pandemic crisis.
Mnuchin, who testified at Capitol Hill, told the Senate Banking Committee that the U.S. Congress needed to give their permission to use the money.
He added that the Treasury still has $ 200 billion in funds allocated to stop the emergency program launched by the central bank is still unused.
Meanwhile, there is about $ 130 billion left over from the expired Salary Protection Program, and with this money, it can help small businesses.
In addition, Powell says most of the $ 75 billion allocated to stop the Fed; s Main Street Lending program is still unused.
The focus on regrouping unused or remaining funds came as Congress still found a dead-end to approve a new stimulus package.
