cnbc--2020-04-01--Politicians are already calling for a 4th coronavirus relief plan. Here's what could be in it

On Wednesday , Treasury Secretary Steven Mnuchin told CNBC he has had `` ongoing discussions '' with congressional Democrats about infrastructure .
Even so , it is unclear if the major parties in Congress can get over one of the past hurdles in the way of an infrastructure deal : funding .
Democrats have generally been more comfortable than Republicans with spending huge chunks of taxpayer money on overhauling U.S. transportation and utilities .
While Pelosi wants to act right after Congress returns — she said her motto is `` resting is rusting '' — her counterpart in the Senate @ @ @ @ @ @ @ the heels of the mammoth stimulus plan .
Senate Majority Leader Mitch McConnell said Tuesday that he wants to see how effective the latest relief legislation is before he commits to a fourth emergency spending package .
`` So let 's see how things are going , and respond accordingly , '' he told radio host Hugh Hewitt .
`` But let 's not , I 'm not going to allow this to be an opportunity for the Democrats to achieve unrelated policy items that they would not otherwise be able to pass @ @ @ @ @ @ @ Kentucky Republican appears to reference is a national vote-by-mail requirement , which House Democrats put in a $ 2.5 trillion stimulus bill separate from the one that originated in the Senate and became law .
Pelosi , who said Wednesday she hopes the next coronavirus legislation will include vote by mail , calls it a method to ensure Americans can vote safely during the pandemic .
Trump previously called the House bill `` crazy , '' saying it included `` levels of voting that if you 'd ever agreed to it , you @ @ @ @ @ @ @ this country again . ''
In a statement Wednesday , House Minority Leader Kevin McCarthy , R-Calif. , also decried what he called `` continued attempts to force partisan objectives into our response . ''
He pointed to the voting provisions in the House bill , along with proposals related to airplanes ' carbon footprint and renewable energy credits .
One GOP lawmaker who has called for another relief bill argued the legislation should start in the Senate rather than the House .
Sen. Dan Sullivan , R-Alaska , told CNBC on Wednesday @ @ @ @ @ @ @ move more quickly in a bipartisan way through the Senate .
`` It should include infrastructure , the president is very supportive of that , it should also include this issue of bringing back manufacturing and our supply chains back to this country , '' he told `` Squawk Box . ''
`` That 's a very bipartisan issue right now . ''
Among other potential provisions in the next response bill , Democrats have called for more grants for states to combat the pandemic .
Some lawmakers from states that get significant @ @ @ @ @ @ @ the companies ' eligibility for government aid ( many are not incorporated in the U.S. ) .
Many Democrats would oppose more taxpayer relief for corporations .
In addition , a package could also include funding for the oversight function outlined in the previous bill , which was left out in error , a senior congressional aide told CNBC .
Trump administration officials told CNBC they are not currently planning for a fourth emergency proposal as they try to implement the previously passed laws .
The White House has to oversee the distribution @ @ @ @ @ @ @ , $ 350 billion in small business loans and $ 500 billion in loans and grants to businesses , states and municipalities .
Underscoring the pressure the White House faces to quickly implement the bill , Senate Minority Leader Chuck Schumer , D-N.Y. , and Sens .
Bernie Sanders , I-Vt. , and Ron Wyden , D-Ore. , wrote to the Labor Department on Wednesday urging it to do everything possible to help states expedite the new unemployment benefits .
Many Americans are scrambling to pay their bills in the new month after @ @ @ @ @ @ @ he will monitor any White House attempts to interfere with an inspector general appointed to oversee the $ 500 billion fund .
Even as he undertakes the gargantuan task of executing the $ 2 trillion bill , Mnuchin said `` we expect there will be more bills '' to address the crisis .
He pointed to one proposal he thinks could get bipartisan support : more money for small business loans if the initial pool of $ 350 billion goes quickly .
— CNBC 's Lauren Hirsch , Eamon Javers and Kayla Tausche @ @ @ @

US House Speaker Nancy Pelosi speaks with reporters during her weekly press conference at the US Capitol March 26, 2020, in Washington, DC. Alex Edelman | AFP | Getty Images
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On Wednesday, Treasury Secretary Steven Mnuchin told CNBC he has had "ongoing discussions" with congressional Democrats about infrastructure. Even so, it is unclear if the major parties in Congress can get over one of the past hurdles in the way of an infrastructure deal: funding. Democrats have generally been more comfortable than Republicans with spending huge chunks of taxpayer money on overhauling U.S. transportation and utilities. While Pelosi wants to act right after Congress returns — she said her motto is "resting is rusting" — her counterpart in the Senate appears wary of passing another bill on the heels of the mammoth stimulus plan. Senate Majority Leader Mitch McConnell said Tuesday that he wants to see how effective the latest relief legislation is before he commits to a fourth emergency spending package. "So let's see how things are going, and respond accordingly," he told radio host Hugh Hewitt. "But let's not, I'm not going to allow this to be an opportunity for the Democrats to achieve unrelated policy items that they would not otherwise be able to pass." One of the provisions the Kentucky Republican appears to reference is a national vote-by-mail requirement, which House Democrats put in a $2.5 trillion stimulus bill separate from the one that originated in the Senate and became law. Pelosi, who said Wednesday she hopes the next coronavirus legislation will include vote by mail, calls it a method to ensure Americans can vote safely during the pandemic. Trump previously called the House bill "crazy," saying it included "levels of voting that if you'd ever agreed to it, you'd never have a Republican elected in this country again." In a statement Wednesday, House Minority Leader Kevin McCarthy, R-Calif., also decried what he called "continued attempts to force partisan objectives into our response." He pointed to the voting provisions in the House bill, along with proposals related to airplanes' carbon footprint and renewable energy credits.
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cnbc--2020-04-01--Private equity will get a liquidity cushion with payroll tax holiday, as some investments face a cas

Private equity will get a liquidity cushion with payroll tax holiday, as some investments face a cash crunch

The small business loan program has already become the subject of heavy lobbying , as some private equity firms have worried they may be disqualified from the program because of `` affiliate rules '' in the bill .
The legislation mandates that only companies with fewer than 500 employees may qualify .
It also stipulates that if a company with outside investors has a portfolio of companies that exceed 500 employees ( `` affiliates '' ) , that company may be excluded from the funds .
The CARES Act , which was signed into law last week , is aimed @ @ @ @ @ @ @ pandemic grinds business to a halt .
It offers a number of relief mechanisms for small businesses that serve as the backbone of U.S. employment .
One is $ 350 billion in loans aimed at small businesses .
Another is a payroll tax holiday to allow companies to defer their share of Social Security payroll taxes in 2020 .
But they have already taken note that they qualify for another key provision in the legislation : the `` payroll tax holiday . ''
Private equity firms are fretting that they may be excluded @ @ @ @ @ @ @ as part of the $ 2 trillion stimulus bill .
The rule has exceptions , but could effectively shut out a number of private equity portfolio companies .
The lobbying group for the industry , the American Investment Council , has pushed for clarity around those rules that would ensure private equity firms can tap the funds .
Democrats , like House Speaker Nancy Pelosi , wrote to Treasury Secretary Steven Mnuchin and Jovita Carranza , administrator of the Small Business Administration , on Tuesday warning of the impact the rule could have @ @ @ @ @ @ @ investment .
Still , even as lobbying for small business loans continues , private equity investors have taken note that they do qualify for another tool for relief : the payroll tax holiday .
According to the bill , employers can defer their share of Social Security payroll taxes in 2020 .
Companies have until the end of 2021 to pay the first half of the deferred levies .
The remaining tax liability will be due by Dec. 31 , 2022 .
The tool is essentially another form of debt , that may @ @ @ @ @ @ @ road .
But it could prove useful as a number of private equity-backed companies , like Neiman Marcus , are grappling with heavy debt loads and in industries like retail in which revenue has taken a massive hit .
`` It 's a valuable lever , '' said one person in private equity , who requested anonymity due to the sensitivities around the discussions .
`` Not game-changing , but some of these companies are liquidity squeezed and every dollar helps . ''
Still , the American Investment Council wants all forms of @ @ @ @ @ @ @ .
`` It should n't matter if these companies are backed by investments from corporations , pension funds , or others .
We 'll continue to work with the Administration and Congress to request that federal programs support all businesses , regardless of ownership structure , and their workers , '' the group 's CEO , Drew Maloney , said in a statement .
A spokesperson for the Treasury did not immediately respond to a request for comment .

The small business loan program has already become the subject of heavy lobbying, as some private equity firms have worried they may be disqualified from the program because of "affiliate rules" in the bill. The legislation mandates that only companies with fewer than 500 employees may qualify. It also stipulates that if a company with outside investors has a portfolio of companies that exceed 500 employees ("affiliates"), that company may be excluded from the funds.
The CARES Act, which was signed into law last week, is aimed at offering economic relief as the coronavirus pandemic grinds business to a halt. It offers a number of relief mechanisms for small businesses that serve as the backbone of U.S. employment. One is $350 billion in loans aimed at small businesses. Another is a payroll tax holiday to allow companies to defer their share of Social Security payroll taxes in 2020.
But they have already taken note that they qualify for another key provision in the legislation: the "payroll tax holiday."
Private equity firms are fretting that they may be excluded from a small business loan program established as part of the $2 trillion stimulus bill.
The rule has exceptions, but could effectively shut out a number of private equity portfolio companies.
The lobbying group for the industry, the American Investment Council, has pushed for clarity around those rules that would ensure private equity firms can tap the funds. Democrats, like House Speaker Nancy Pelosi, wrote to Treasury Secretary Steven Mnuchin and Jovita Carranza, administrator of the Small Business Administration, on Tuesday warning of the impact the rule could have on start-ups that have taken on outside investment.
Still, even as lobbying for small business loans continues, private equity investors have taken note that they do qualify for another tool for relief: the payroll tax holiday.
According to the bill, employers can defer their share of Social Security payroll taxes in 2020. Companies have until the end of 2021 to pay the first half of the deferred levies. The remaining tax liability will be due by Dec. 31, 2022.
The tool is essentially another form of debt, that may simply kick a can farther down the road. But it could prove useful as a number of private equity-backed companies, like Neiman Marcus, are grappling with heavy debt loads and in industries like retail in which revenue has taken a massive hit.
"It's a valuable lever," said one person in private equity, who requested anonymity due to the sensitivities around the discussions. "Not game-changing, but some of these companies are liquidity squeezed and every dollar helps."
Still, the American Investment Council wants all forms of government relief available to private equity firms.
"It shouldn't matter if these companies are backed by investments from corporations, pension funds, or others. We'll continue to work with the Administration and Congress to request that federal programs support all businesses, regardless of ownership structure, and their workers," the group's CEO, Drew Maloney, said in a statement.
A spokesperson for the Treasury did not immediately respond to a request for comment.


cnbc--2020-04-01--Firms fear small business loan program in coronavirus rescue package will run out of money

Marlin Steel Wire Products is busy making wire racks for covid-19 test kits .
Still , the company is going to pursue a paycheck protection loan because of concerns clients will stop paying their bills or slow buying because they are strapped during the coronavirus pandemic .
`` I never want anything bad to happen to my awesome employees .
So for that reason , we 're going to take the conservative approach , we want to protect our people , '' said Drew Greenblatt , CEO of Marlin Steel .
The Treasury Department issued guidelines Tuesday about the $ @ @ @ @ @ @ @ of the $ 2 trillion coronavirus rescue package signed into law last week .
The aim is to make sure small businesses can continue to pay their workers through the pandemic disruptions .
Organizations can apply for a loan through a Small Business Administration Lender beginning April 3rd .
The loans will be forgiven as long as the money is used to keep employees on the payroll and other expenses like rent , utilities and mortgage interest .
Smith & Richardson is a specialty parts maker based outside Chicago .
The company has @ @ @ @ @ @ @ ventilators , and the commercial aviation and transportation industries .
Even though business is keeping his team of 53 busy now , his accountant advised him to consider applying for the new loans .
`` We do n't need to but you know the way that was written , the Payroll Protection Program , we 'd kind of be foolish not to , '' said Smith & Richardson CEO Richard Hoster , `` It 's almost free money . ''
The way the law is written , if a business continues to pay @ @ @ @ @ @ @ will be forgiven .
A company must make a `` good faith certification '' that the uncertainty of current economic condition makes the loan request necessary to support on-going operations .
There is plenty of uncertainty around Smith & Richardson 's business .
The commercial aerospace sector has been crushed and the economic slowdown across the board makes it unclear what will happen down the road .
Non-profits are also eligible for the loans and worried about the future .
Tech Impact , which provides technology , education and training to other non-profits @ @ @ @ @ @ @ paycheck protection program .
`` There 's a lot of fear out there that the money is going to dry up in a matter of days .
It 's an unknown , '' said Tech Impact CFO Barry Hartzburg .
The money running out is a real fear and has politicians already discussing a fourth rescue package .
Treasury Secretary Steven Mnuchin told CNBC he will ask Congress for more money to sustain the program if the money runs out .
Greenblatt says his loan officer has fifty four accounts in Maryland , @ @ @ @ @ @ @ million in the next week .
`` Three hundred and fifty billion dollars is going to be sucked up in a matter of days , and there 's going to be a lot of people without any money , '' Greenblatt predicts .

Marlin Steel Wire Products is busy making wire racks for covid-19 test kits. Still, the company is going to pursue a paycheck protection loan because of concerns clients will stop paying their bills or slow buying because they are strapped during the coronavirus pandemic.
"I never want anything bad to happen to my awesome employees. So for that reason, we're going to take the conservative approach, we want to protect our people," said Drew Greenblatt, CEO of Marlin Steel.
The Treasury Department issued guidelines Tuesday about the $349 billion paycheck protection program, part of the $2 trillion coronavirus rescue package signed into law last week. The aim is to make sure small businesses can continue to pay their workers through the pandemic disruptions.
Organizations can apply for a loan through a Small Business Administration Lender beginning April 3rd. The loans will be forgiven as long as the money is used to keep employees on the payroll and other expenses like rent, utilities and mortgage interest.
Smith & Richardson is a specialty parts maker based outside Chicago. The company has been putting in overtime making parts for ventilators, and the commercial aviation and transportation industries. Even though business is keeping his team of 53 busy now, his accountant advised him to consider applying for the new loans.
"We don't need to but you know the way that was written, the Payroll Protection Program, we'd kind of be foolish not to," said Smith & Richardson CEO Richard Hoster, "It's almost free money."


cnbc--2020-04-01--Nancy Pelosi cheers Trump's call for infrastructure bill as she unveils Democrats' plan

U.S. House Speaker Nancy Pelosi , a Democrat from California , speaks to members to the media after participating in a signing ceremony of H.R .
748 , Coronavirus Aid , Relief , and Economic Security ( CARES ) Act , alongside congressional leadership in the Rayburn Room of the U.S. Capitol in Washington , D.C. , U.S. , on Friday , March 27 , 2020 .
The California Democrat , along with House Majority Whip James Clyburn , D-S.C. , and key committee chairs Peter DeFazio , D-Ore. , and Frank Pallone , D-N.J. , outlined a sprawling infrastructure @ @ @ @ @ @ @ recover from the pandemic 's destruction .
The plan , based on a five-year , $ 760 billion framework unveiled in January , includes money for community health centers , improvements to drinking water systems , expanded access to broadband , and upgrades to roads , bridges , railroads and public transit agencies .
`` I think we come back April 20 , God willing and coronavirus willing , but shortly thereafter we should be able to move forward , '' she told reporters as House Democrats unveiled provisions they hope the next @ @ @ @ @ @ @ Speaker Nancy Pelosi wants to kick off the next phase of the U.S. coronavirus response with an infrastructure bill after the chamber 's planned April 20 return , she said Wednesday .
Infrastructure , one of the areas in which Democrats hoped to work with President Donald Trump when he first took office , has jumped to the forefront of Washington 's policy discussions again as the government tries to mitigate the outbreak 's dire human and economic toll .
Trump called Tuesday for a $ 2 trillion infrastructure plan as part of @ @ @ @ @ @ @ saying he wants to focus on creating jobs as the country recovers .
Pelosi said she is `` pleased the president has returned to his interest '' in the issue .
She called an infrastructure proposal `` essential because of the historic nature of the health and economic emergency that we are confronting . ''
Earlier Wednesday , Treasury Secretary Steven Mnuchin told CNBC that he has had `` ongoing conversations '' with Democrats about infrastructure .
`` And we 'll continue to have those conversations , '' he said .
Senate Majority @ @ @ @ @ @ @ 's call for swift action on another response plan .
On Tuesday , he told radio host Hugh Hewitt that he first wants to see how effective an unprecedented $ 2 trillion package passed last week is in limiting the damage from the crisis .
`` So let 's see how things are going , and respond accordingly , '' he said .
`` But let 's not , I 'm not going to allow this to be an opportunity for the Democrats to achieve unrelated policy items that they would not otherwise @ @ @ @ @ @ @ Wednesday , Pelosi said she hopes the next legislation includes vote-by-mail requirements , a Democratic priority that Republicans have criticized .

U.S. House Speaker Nancy Pelosi, a Democrat from California, speaks to members to the media after participating in a signing ceremony of H.R. 748, Coronavirus Aid, Relief, and Economic Security (CARES) Act, alongside congressional leadership in the Rayburn Room of the U.S. Capitol in Washington, D.C., U.S., on Friday, March 27, 2020.
The California Democrat, along with House Majority Whip James Clyburn, D-S.C., and key committee chairs Peter DeFazio, D-Ore., and Frank Pallone, D-N.J., outlined a sprawling infrastructure proposal they say will help the U.S. recover from the pandemic's destruction. The plan, based on a five-year, $760 billion framework unveiled in January, includes money for community health centers, improvements to drinking water systems, expanded access to broadband, and upgrades to roads, bridges, railroads and public transit agencies.
"I think we come back April 20, God willing and coronavirus willing, but shortly thereafter we should be able to move forward," she told reporters as House Democrats unveiled provisions they hope the next government relief bill will include.
House Speaker Nancy Pelosi wants to kick off the next phase of the U.S. coronavirus response with an infrastructure bill after the chamber's planned April 20 return, she said Wednesday.
Infrastructure, one of the areas in which Democrats hoped to work with President Donald Trump when he first took office, has jumped to the forefront of Washington's policy discussions again as the government tries to mitigate the outbreak's dire human and economic toll. Trump called Tuesday for a $2 trillion infrastructure plan as part of the government's fourth relief proposal, saying he wants to focus on creating jobs as the country recovers.
Pelosi said she is "pleased the president has returned to his interest" in the issue. She called an infrastructure proposal "essential because of the historic nature of the health and economic emergency that we are confronting."
Earlier Wednesday, Treasury Secretary Steven Mnuchin told CNBC that he has had "ongoing conversations" with Democrats about infrastructure.
"And we'll continue to have those conversations," he said.
Senate Majority Leader Mitch McConnell has not echoed Pelosi's call for swift action on another response plan. On Tuesday, he told radio host Hugh Hewitt that he first wants to see how effective an unprecedented $2 trillion package passed last week is in limiting the damage from the crisis.
"So let's see how things are going, and respond accordingly," he said. "But let's not, I'm not going to allow this to be an opportunity for the Democrats to achieve unrelated policy items that they would not otherwise be able to pass."
On Wednesday, Pelosi said she hopes the next legislation includes vote-by-mail requirements, a Democratic priority that Republicans have criticized.
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cnbc--2020-04-01--Mnuchin says he will ask Congress for more small business loan funding if $350 billion pool runs out

`` One of the things I 've heard is this small business program is going to be so popular that we 're going to run out of our $ 350 billion , '' he told CNBC 's `` Squawk on the Street . ''
`` If that 's the case , I can assure you that will be top of the list for me to go back to Congress on .
It has huge bipartisan support and we want to protect small business . ''
Treasury Secretary Steven Mnuchin said Wednesday that he will ask Congress for more money to @ @ @ @ @ @ @ pandemic if the White House doles out all of a new $ 350 billion loan pool .
US Treasury Secretary Steven Mnuchin speaks during the daily briefing on the novel coronavirus , COVID-19 , at the White House on March 25 , 2020 , in Washington , DC .
The small business measures aim to help companies cover payroll and other expenses during the punishing outbreak .
Firms with fewer than 500 employees can use the money to cover salary , wages and benefits , with a maximum loan of $ 10 million @ @ @ @ @ @ @ The loans will be available through Small Business Administration-approved lenders .
Payments will be deferred for six months , and companies can apply for forgiveness on at least part of what they borrow .
Companies can get the loans forgiven if they use the funds on pay , rent , mortgage or utilities , but the amount forgiven gets reduced if businesses cut jobs or reduce pay .
Lenders will start processing applications for the loans as soon as Friday , according to the SBA .
Numerous lawmakers have already called for more @ @ @ @ @ @ @ as widespread layoffs hit workers and the health-care system in parts of the country buckles under the strain of COVID-19 .
Jobless claims have already reached a record 3.3 million .
Friday 's government employment report for March will show an even broader picture of how the outbreak has hurt workers .
Businesses in large parts of the country are expected to stay shut down at least through April .
The U.S. has more than 189,000 cases of COVID-19 , and at least 4,081 deaths have been linked to the disease , according @ @ @ @ @ @ @ .

"One of the things I've heard is this small business program is going to be so popular that we're going to run out of our $350 billion," he told CNBC's " Squawk on the Street ." "If that's the case, I can assure you that will be top of the list for me to go back to Congress on. It has huge bipartisan support and we want to protect small business."
Treasury Secretary Steven Mnuchin said Wednesday that he will ask Congress for more money to sustain U.S. small businesses during the coronavirus pandemic if the White House doles out all of a new $350 billion loan pool.
US Treasury Secretary Steven Mnuchin speaks during the daily briefing on the novel coronavirus, COVID-19, at the White House on March 25, 2020, in Washington, DC.
The small business measures aim to help companies cover payroll and other expenses during the punishing outbreak. Firms with fewer than 500 employees can use the money to cover salary, wages and benefits, with a maximum loan of $10 million or 250% of monthly payroll.
The loans will be available through Small Business Administration-approved lenders. Payments will be deferred for six months, and companies can apply for forgiveness on at least part of what they borrow.
Companies can get the loans forgiven if they use the funds on pay, rent, mortgage or utilities, but the amount forgiven gets reduced if businesses cut jobs or reduce pay.
Lenders will start processing applications for the loans as soon as Friday, according to the SBA.
Numerous lawmakers have already called for more legislation to mitigate the pandemic's damage as widespread layoffs hit workers and the health-care system in parts of the country buckles under the strain of COVID-19. Jobless claims have already reached a record 3.3 million. Friday's government employment report for March will show an even broader picture of how the outbreak has hurt workers.
Businesses in large parts of the country are expected to stay shut down at least through April.
The U.S. has more than 189,000 cases of COVID-19, and at least 4,081 deaths have been linked to the disease, according to data compiled by Johns Hopkins University.
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cnbc--2020-04-01--White House is not planning for a 4th coronavirus relief bill despite Democrats' push, officials say

US President Donald Trump speaks during a press conference on the COVID-19 , coronavirus , outbreak flanked by US Secretary of the Treasury Steven Mnuchin ( R ) and US Vice President Mike Pence at the White House in Washington , DC on March 25 , 2020 .
The White House is not currently planning for a fourth emergency coronavirus response proposal as it focuses on implementing the unprecedented $ 2 trillion relief package passed last week , two senior administration officials told CNBC .
Since President Donald Trump signed the bill into law Friday , House Democrats have started @ @ @ @ @ @ @ of legislation to combat rampant unemployment and a health-care system overwhelmed by COVID-19 patients .
The president on Tuesday called for a $ 2 trillion plan to overhaul American infrastructure as the country recovers from the pandemic in the coming months .
Even so , the Trump administration has not yet started preparing for more emergency legislation .
Asked what the White House is discussing for a fourth phase of the emergency response , a senior administration official said , `` Nothing . ''
`` Right now there is only executing phase 3 @ @ @ @ @ @ @ the biggest emergency spending package in U.S. history , the administration will oversee the distribution of $ 300 billion in direct payments to people , $ 350 billion in small business loans , and $ 500 billion in loans and grants to companies , states and municipalities , among other tasks .
A second senior administration official , who also said the White House is not currently working on another relief plan , cautioned that Trump will ultimately decide whether to move forward with a new bill .
The official said , `` @ @ @ @ @ @ @ , but no staffer can rule out plans for phase 4 . ''
A third officially added that `` hopefully we wo n't need '' another plan , but acknowledged the White House may not know until the end of April if additional funding is necessary .
Lawmakers have approved three bills to try to blunt the damage from the outbreak ripping across the country : an $ 8.3 billion injection into health-care resources , a more than $ 100 billion plan to expand paid leave and make COVID-19 testing more affordable , @ @ @ @ @ @ @ to try to prevent economic calamity .
While Treasury Secretary Steven Mnuchin has said the $ 2 trillion stimulus will backstop the U.S. economy for three months , he told CNBC on Wednesday that `` we expect there will be more bills . ''
`` If we need more programs and more money , we will be going back to Congress and asking for that , '' Mnuchin told CNBC 's `` Squawk on the Street . ''
He said the administration has discussed infrastructure with Democrats for the last year and will @ @ @ @ @ @ @ '' Democrats have contended the $ 2 trillion package left gaps the government needs to address .
House Speaker Nancy Pelosi has called for more direct payments to Americans , additional funding for states fighting the pandemic , free coronavirus testing and treatment , and more generous paid medical and family leave during the crisis .
She has also pushed for more infrastructure investment , both in the health-care system and the digital economy .
Lawmakers have pushed for a variety of additional measures .
Alaska 's Republican senators , Dan Sullivan and @ @ @ @ @ @ @ lines ' eligibility for government aid .
Meanwhile , a senior congressional aide told CNBC that another bill would have to include funding for the oversight functions of the $ 2 trillion plan , erroneously excluded from the original proposal .
Congress will not return to Washington until at least April 20 .
Trump 's Tuesday call for an infrastructure plan follows repeated failures by his administration and Democrats to strike a deal on a massive investment in U.S. transportation , utilities and technology .
In a tweet , the president said , @ @ @ @ @ @ @ States being at ZERO , this is the time to do our decades long awaited Infrastructure Bill . ''
`` It should be VERY BIG & BOLD , Two Trillion Dollars , and be focused solely on jobs and rebuilding the once great infrastructure of our Country !
Phase 4 , '' he said .
The outbreak continues to tear across the U.S. , where COVID-19 has infected more than 189,000 people and at least 4,081 deaths have been linked to the disease , according to data compiled by Johns Hopkins University .
@ @ @ @ @ @ @ grim outlook yet of the human toll in the U.S. , projecting between 100,000 and 240,000 deaths .
At the same time , the pandemic has left millions of people struggling to pay bills as businesses across the country shut down to slow its spread .
Private companies slashed 27,000 jobs in early March , before the worst of the coronavirus-related cuts , according to a Wednesday report from ADP and Moody 's Analytics .
The government employment report for March , set for Friday , will give a clearer picture of the @ @ @ @ @ @ @ job market .

US President Donald Trump speaks during a press conference on the COVID-19, coronavirus, outbreak flanked by US Secretary of the Treasury Steven Mnuchin (R) and US Vice President Mike Pence at the White House in Washington, DC on March 25, 2020.
The White House is not currently planning for a fourth emergency coronavirus response proposal as it focuses on implementing the unprecedented $2 trillion relief package passed last week, two senior administration officials told CNBC.
Since President Donald Trump signed the bill into law Friday, House Democrats have started to outline their priorities for another piece of legislation to combat rampant unemployment and a health-care system overwhelmed by COVID-19 patients. The president on Tuesday called for a $2 trillion plan to overhaul American infrastructure as the country recovers from the pandemic in the coming months.
Even so, the Trump administration has not yet started preparing for more emergency legislation. Asked what the White House is discussing for a fourth phase of the emergency response, a senior administration official said, "Nothing."
"Right now there is only executing phase 3," the official said. Under the biggest emergency spending package in U.S. history, the administration will oversee the distribution of $300 billion in direct payments to people, $350 billion in small business loans, and $500 billion in loans and grants to companies, states and municipalities, among other tasks.
A second senior administration official, who also said the White House is not currently working on another relief plan, cautioned that Trump will ultimately decide whether to move forward with a new bill. The official said, "we are focused on implementing phase 3, but no staffer can rule out plans for phase 4."
A third officially added that "hopefully we won't need" another plan, but acknowledged the White House may not know until the end of April if additional funding is necessary.
Lawmakers have approved three bills to try to blunt the damage from the outbreak ripping across the country: an $8.3 billion injection into health-care resources, a more than $100 billion plan to expand paid leave and make COVID-19 testing more affordable, and the third, most sprawling package to try to prevent economic calamity. While Treasury Secretary Steven Mnuchin has said the $2 trillion stimulus will backstop the U.S. economy for three months, he told CNBC on Wednesday that "we expect there will be more bills."
"If we need more programs and more money, we will be going back to Congress and asking for that," Mnuchin told CNBC's "Squawk on the Street." He said the administration has discussed infrastructure with Democrats for the last year and will "continue to have those conversations."
Democrats have contended the $2 trillion package left gaps the government needs to address.
House Speaker Nancy Pelosi has called for more direct payments to Americans, additional funding for states fighting the pandemic, free coronavirus testing and treatment, and more generous paid medical and family leave during the crisis. She has also pushed for more infrastructure investment, both in the health-care system and the digital economy.
Lawmakers have pushed for a variety of additional measures. Alaska's Republican senators, Dan Sullivan and Lisa Murkowski, want to clarify cruise lines' eligibility for government aid. Meanwhile, a senior congressional aide told CNBC that another bill would have to include funding for the oversight functions of the $2 trillion plan, erroneously excluded from the original proposal.
Congress will not return to Washington until at least April 20.
Trump's Tuesday call for an infrastructure plan follows repeated failures by his administration and Democrats to strike a deal on a massive investment in U.S. transportation, utilities and technology. In a tweet, the president said, "With interest rates for the United States being at ZERO, this is the time to do our decades long awaited Infrastructure Bill."
"It should be VERY BIG & BOLD, Two Trillion Dollars, and be focused solely on jobs and rebuilding the once great infrastructure of our Country! Phase 4," he said.
Donald Trump tweet
The outbreak continues to tear across the U.S., where COVID-19 has infected more than 189,000 people and at least 4,081 deaths have been linked to the disease, according to data compiled by Johns Hopkins University. The administration on Tuesday gave its most grim outlook yet of the human toll in the U.S., projecting between 100,000 and 240,000 deaths.
At the same time, the pandemic has left millions of people struggling to pay bills as businesses across the country shut down to slow its spread. Private companies slashed 27,000 jobs in early March, before the worst of the coronavirus-related cuts, according to a Wednesday report from ADP and Moody's Analytics.
The government employment report for March, set for Friday, will give a clearer picture of the damage the outbreak has caused to the job market.
— CNBC's Kayla Tausche contributed to this report
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cnbc--2020-04-01--GOP senator calls on Saudis to end their oil price war, says 'Americans died' protecting the kingdom

America 's strategic relationship with Saudi Arabia may permanently change if Riyadh does not end its latest oil price war , Sen. Dan Sullivan told CNBC on Wednesday .
`` The Saudis have really brought in a supply shock at exactly the wrong time , '' the Alaska Republican said on `` Squawk Box . ''
`` These kind of crises really make it clear … who your friends are and who are n't your friends . ''
Sullivan said that a group of U.S. senators has been applying pressure on Saudi Arabia , writing a letter to Crown Prince @ @ @ @ @ @ @ by call with the Saudi ambassador to the U.S. in Washington .
`` All of the senators who were on that letter , on that conference call with the ambassador , have been strong supporters of the U.S.-Saudi relationship , '' said Sullivan .
`` That is going to change if the Saudis do n't start playing a more constructive role with regard to energy markets . ''
Sullivan , who represents the oil-rich state of Alaska , said he reminded the Saudi ambassador of the past U.S. defense of the kingdom .
@ @ @ @ @ @ @ , '' Sullivan said he told her .
`` First Gulf War , Saddam Hussein is getting ready to roll through your country .
It was n't the Saudi military that stopped him .
...
It was the First Marine Division , 82nd Airborne .
Americans died in that war . ''
The Saudi Embassy was not immediately available to respond to CNBC 's request for comment .
`` They need to step up or the strategic relationship is going to change , '' added Sullivan , also a colonel in the U.S. @ @ @ @ @ @ @ fallen sharply since early March , pushed down by a two-sided shock from the coronavirus pandemic and global producer infighting .
Earlier this month , Saudi Arabia announced plans to increase production after an output cut deal among the so-called OPEC+ nations fell apart .
Russia led the opposition to the reduction in output .
Declining oil prices have made it unprofitable for many U.S. firms to remain active , analysts have said .
`` The Saudis are hoping to drive out of business American producers , and in particular shale producers , @ @ @ @ @ @ @ and in North Dakota , '' Republican Sen. Ted Cruz told CNBC on Monday .
He represents the leading oil producing state of Texas .
Cruz , who also was on the phone call with the Saudi ambassador , added , `` That behavior is wrong , and I think it is taking advantage of a country that is a friend . ''

America's strategic relationship with Saudi Arabia may permanently change if Riyadh does not end its latest oil price war, Sen. Dan Sullivan told CNBC on Wednesday.
"The Saudis have really brought in a supply shock at exactly the wrong time," the Alaska Republican said on "Squawk Box." "These kind of crises really make it clear … who your friends are and who aren't your friends."
Sullivan said that a group of U.S. senators has been applying pressure on Saudi Arabia, writing a letter to Crown Prince Mohammed bin Salman that was followed up by call with the Saudi ambassador to the U.S. in Washington.
"All of the senators who were on that letter, on that conference call with the ambassador, have been strong supporters of the U.S.-Saudi relationship," said Sullivan. "That is going to change if the Saudis don't start playing a more constructive role with regard to energy markets."
Sullivan, who represents the oil-rich state of Alaska, said he reminded the Saudi ambassador of the past U.S. defense of the kingdom.
"We've been there for you," Sullivan said he told her. "First Gulf War, Saddam Hussein is getting ready to roll through your country. It wasn't the Saudi military that stopped him. ... It was the First Marine Division, 82nd Airborne. Americans died in that war."
The Saudi Embassy was not immediately available to respond to CNBC's request for comment.
"They need to step up or the strategic relationship is going to change," added Sullivan, also a colonel in the U.S. Marine Corps Reserve.
Oil prices have fallen sharply since early March, pushed down by a two-sided shock from the coronavirus pandemic and global producer infighting.
Earlier this month, Saudi Arabia announced plans to increase production after an output cut deal among the so-called OPEC+ nations fell apart. Russia led the opposition to the reduction in output.
Declining oil prices have made it unprofitable for many U.S. firms to remain active, analysts have said.
"The Saudis are hoping to drive out of business American producers, and in particular shale producers, largely in the Permian Basin in Texas and in North Dakota," Republican Sen. Ted Cruz told CNBC on Monday. He represents the leading oil producing state of Texas.
Cruz, who also was on the phone call with the Saudi ambassador, added, "That behavior is wrong, and I think it is taking advantage of a country that is a friend."


cnbc--2020-04-01--US manufacturers answer General Motors' call for ventilator components amid coronavirus crisis

When General Motors and Ventec LIfe Systems sought out capacity to build 200,000 ventilators , they turned to U.S. suppliers for the parts , as the coronavirus pandemic threatened global supply chains and made speed a key driver .
The lifesaving machines that help patients breathe are desperately needed by hospitals across the nation facing shortages .
New York State 's Governor Andrew Cuomo has said his state alone may need 30,000 or more to service patients suffering from covid-19 .
On March 20th , the Precision Machined Products Association , which represents manufacturers of specialty parts , got a @ @ @ @ @ @ @ ventilator parts .
The trade association immediately put the request out to members , sharing the specifications on a listserv .
More than 70 firms replied within 24 hours with how they could provide their services .
Pindel Global Precision was one of the companies that answered the call .
Pindel 's 68 employees are already speeding up orders for ventilator parts for existing customers , but would take on more work if it comes through .
CEO Bill Berrien says U.S. producers have been overlooked .
`` I still think big manufacturers @ @ @ @ @ @ @ supply chain is in Asia and I 'm dead in the water ' until they come back on line , said Pindel CEO Bill Berrien .
Berrien said he has n't heard back on the GM order and would not expect to make money off of that contract .
`` We stand ready . ''
Still , he expects the global pandemic to speed up the shift that was already happening away from U.S. companies sourcing components from Asian countries .
He sees increasing automation and artificial intelligence shifting the cost advantage back @ @ @ @ @ @ @ a health-care crisis that 's also a manufacturing crisis that 's the mother of creative thinking and innovation , '' said Berrien .
Geneva , Illinois based Smith & Richardson also responded to the call from GM/Ventec .
The company employs 53 in the U.S. and is already busy making ventilator parts for existing customers .
`` We 've been making these parts for years , albeit at much smaller volumes then we 're currently making them , '' said Smith & Richardson CEO Richard Hoster .
He thinks the GM contract will @ @ @ @ @ @ @ but his company would be absorbing expedited shipping and overtime costs associated with getting the parts produced in a short time frame .
`` This is the right thing to do and it keeps team members working , '' he said .
Smith & Richardson also supplies the defense and commercial aerospace industry .
He thinks the shutdown and decreased global demand will offset any potential gains U.S. based companies might get from companies reconsidering outsourcing .
`` Price is still the driving factor , '' said Hoster , noting that companies have @ @ @ @ @ @ @ outsourcing , not just the cost of the product .
Smith & Richardson has an office in Taicang , China , to serve customers in Asia , Russia and Europe .
The facility there was shut down in January as the coronavirus took hold and reopened about a month later .
But it took another month to get back to 100 % staffing , as employees had left the area and travel restrictions kept them from returning .
`` We 're busy , but we supply mostly companies in Asia , the general @ @ @ @ @ @ @ from people who were exporting and now they 're really slow because nothing 's going anywhere , '' said Hoster .
President Donald Trump has been critical of GM , saying the company has been slow to gear up production .
After initially hesitating , he invoked the Korean War-era Defense Production Act last Friday , a statute that can be used to force companies to make products for the government in times of crisis .
GM expects the machines to start rolling out of its Kokomo , Ind.
, plant by end @ @ @ @ @ @ @ York Times .
The president on Monday took a different tone , using the crisis to highlight U.S. manufacturing capabilities .
He called the CEOs of Honeywell , Jockey , My Pillow , Procter & Gamble and United Technologies to the White House coronavirus task force briefing to highlight their efforts .
`` I 'd just like to emphasize one thing : The most innovative and safe products come from the private sector in partnership with government , taking an all-hands-on-deck approach , '' Trump told reporters in the Rose Garden .
He @ @ @ @ @ @ @ initiative to increase ventilator production , saying any not needed in the U.S. would go overseas .
`` We have now 10 companies , at least , making the ventilators .
And we say , 'Go ahead . '
Because , honestly , other countries really — they 'll never be able to do it .
It 's a very complex piece of equipment and it 's — it 's big and expensive . ''

When General Motors and Ventec LIfe Systems sought out capacity to build 200,000 ventilators, they turned to U.S. suppliers for the parts, as the coronavirus pandemic threatened global supply chains and made speed a key driver.
The lifesaving machines that help patients breathe are desperately needed by hospitals across the nation facing shortages. New York State's Governor Andrew Cuomo has said his state alone may need 30,000 or more to service patients suffering from covid-19.
On March 20th, the Precision Machined Products Association, which represents manufacturers of specialty parts, got a call asking who could make dozens of ventilator parts. The trade association immediately put the request out to members, sharing the specifications on a listserv. More than 70 firms replied within 24 hours with how they could provide their services.
Pindel Global Precision was one of the companies that answered the call. Pindel's 68 employees are already speeding up orders for ventilator parts for existing customers, but would take on more work if it comes through. CEO Bill Berrien says U.S. producers have been overlooked.
"I still think big manufacturers are stuck in the mindset that 'my supply chain is in Asia and I'm dead in the water' until they come back on line, said Pindel CEO Bill Berrien.
Berrien said he hasn't heard back on the GM order and would not expect to make money off of that contract. "We stand ready."
Still, he expects the global pandemic to speed up the shift that was already happening away from U.S. companies sourcing components from Asian countries. He sees increasing automation and artificial intelligence shifting the cost advantage back to the U.S.
"We've got a health-care crisis that's also a manufacturing crisis that's the mother of creative thinking and innovation," said Berrien.
Geneva, Illinois based Smith & Richardson also responded to the call from GM/Ventec. The company employs 53 in the U.S. and is already busy making ventilator parts for existing customers.
"We've been making these parts for years, albeit at much smaller volumes then we're currently making them," said Smith & Richardson CEO Richard Hoster.
He thinks the GM contract will be profitable if he gets it, but his company would be absorbing expedited shipping and overtime costs associated with getting the parts produced in a short time frame. "This is the right thing to do and it keeps team members working," he said.
Smith & Richardson also supplies the defense and commercial aerospace industry.
He thinks the shutdown and decreased global demand will offset any potential gains U.S. based companies might get from companies reconsidering outsourcing.
"Price is still the driving factor," said Hoster, noting that companies have already been considering the total cost of outsourcing, not just the cost of the product.
Smith & Richardson has an office in Taicang, China, to serve customers in Asia, Russia and Europe. The facility there was shut down in January as the coronavirus took hold and reopened about a month later. But it took another month to get back to 100% staffing, as employees had left the area and travel restrictions kept them from returning.
"We're busy, but we supply mostly companies in Asia, the general manager tells me that he's hearing from people who were exporting and now they're really slow because nothing's going anywhere," said Hoster.
President Donald Trump has been critical of GM, saying the company has been slow to gear up production. After initially hesitating, he invoked the Korean War-era Defense Production Act last Friday, a statute that can be used to force companies to make products for the government in times of crisis. GM expects the machines to start rolling out of its Kokomo, Ind., plant by end of April, according to the New York Times.
The president on Monday took a different tone, using the crisis to highlight U.S. manufacturing capabilities. He called the CEOs of Honeywell, Jockey, My Pillow, Procter & Gamble and United Technologies to the White House coronavirus task force briefing to highlight their efforts.
"I'd just like to emphasize one thing: The most innovative and safe products come from the private sector in partnership with government, taking an all-hands-on-deck approach," Trump told reporters in the Rose Garden.
He also discussed the government and private sector initiative to increase ventilator production, saying any not needed in the U.S. would go overseas. "We have now 10 companies, at least, making the ventilators. And we say, 'Go ahead.' Because, honestly, other countries really — they'll never be able to do it. It's a very complex piece of equipment and it's — it's big and expensive."


cnbc--2020-04-01--White House predicts 100,000 to 240,000 will die in US from coronavirus

President Donald Trump prepared Americans for a coming surge in coronavirus cases , calling COVID-19 a plague and saying the U.S. is facing a `` very , very painful two weeks . ''
`` This could be a hell of a bad two weeks .
This is going to be a very bad two , and maybe three weeks .
This is going to be three weeks like we 've never seen before , '' Trump said at a White House press conference Tuesday .
White House officials are projecting between 100,000 and 240,000 deaths in the U.S. with coronavirus @ @ @ @ @ @ @ .
`` When you look at night , the kind of death that has been caused by this invisible enemy , it 's incredible . ''
The U.S. has more coronavirus cases than any other country across the globe with 184,000 confirmed infections , according to data compiled by Johns Hopkins University .
New York has now become the new epicenter of the outbreak in the world with 75,795 confirmed cases as of Tuesday morning , more reported infections than China 's Hubei province where the coronavirus emerged in December .
Earlier in @ @ @ @ @ @ @ Andrew Cuomo said the outbreak in the state may not peak for three weeks .
`` I 'm tired of being behind this virus .
We 've been behind this virus from day one , '' the governor said in Albany .
`` We underestimated this virus .
It 's more powerful , it 's more dangerous than we expected . ''
Trump , who grew up near New York City 's Elmhurst hospital in Queens , said no one can believe officials are setting up refrigerator trucks as temporary mortuaries outside the @ @ @ @ @ @ @ got a late start '' in rolling out its mitigation efforts .
New York City is setting up a handful of makeshift field hospitals to house coronavirus patients at the Jacob K. Javits Center , in Central Park and at the tennis courts in Queens that host the U.S. Open .
De Blasio said the city is working with the federal government , the hotel industry and various other businesses to turn other buildings into potential medical facilities .
More than 1,000 people in New York City alone have already died from the @ @ @ @ @ @ @ 5 p.m .
ET by the NYC Health Department .
`` This is going to be the roughest three weeks we 've ever had in this country , '' Trump said .
`` I wanted as few as a number of people to die as possible .
And that 's all we 're working on . ''
Dr. Deborah Birx , coordinator for the White House coronavirus task force , and Dr. Anthony Fauci said they are still projecting between 100,000 and 200,000 deaths in the U.S. with a peak in fatalities over @ @ @ @ @ @ @ presented at the press conference showed as many as 240,000 deaths .
`` As sobering a number as that is , we should be prepared for it , '' said Fauci , who also sits on the task force .
`` It will be difficult , not one is denying that we are going through a really difficult time right now . ''
Fauci and Birx both said they hope that efforts will result in fewer of those deaths if possible , especially in hotspots like New York and New Jersey .
They @ @ @ @ @ @ @ from cropping up in other areas of the country .
`` We have to brace ourselves .
In the next several days to a week or so we are going to continue to see things go up , '' said Fauci , who 's director of the National Institute of Allergy and Infectious Diseases .
`` We can not be discouraged by that because the mitigation is actually working and will work . ''
Birx praised local and state officials in California and Washington state for shuttering nonessential businesses and schools early on @ @ @ @ @ @ @ in those states .
She said cases in those states have n't spiked like they have in New York .
`` It 's possible and we 're watching very closely to make sure it does n't have a spike , '' Birx said .
`` Washington state , about two weeks before New York or New Jersey .
California a week before New York or New Jersey , really talked to their communities and decided to mitigate before they started seeing this number . ''
There are very few fatalities among young people @ @ @ @ @ @ @ citing similar results in Italy and elsewhere in the world .
People with underlying conditions are also at greater risk of death , scientists say .
Earlier Tuesday , the Centers for Disease Control and Prevention released preliminary data showing that people with diabetes , chronic lung disease , heart disease or those who smoke may be at increased risk of developing severe complications , even death , if they get infected with the coronavirus .
The death projections `` are very sobering , and when you see 100,000 people , and that @ @ @ @ @ @ @ .
`` A hundred thousand is , according to modeling , a very low number . ''
The death toll would be even higher without any mitigation measures with some estimates as high as 2.2 million fatalities , Trump said .
`` This is not the flu , '' Trump said .
He said some executives with `` great common sense '' suggested that the U.S. `` ride it out '' and not do mitigation .
`` This is not to be ridden out . ''

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President Donald Trump prepared Americans for a coming surge in coronavirus cases, calling COVID-19 a plague and saying the U.S. is facing a "very, very painful two weeks." "This could be a hell of a bad two weeks. This is going to be a very bad two, and maybe three weeks. This is going to be three weeks like we've never seen before," Trump said at a White House press conference Tuesday. White House officials are projecting between 100,000 and 240,000 deaths in the U.S. with coronavirus fatalities peaking over the next two weeks. "When you look at night, the kind of death that has been caused by this invisible enemy, it's incredible." The U.S. has more coronavirus cases than any other country across the globe with 184,000 confirmed infections, according to data compiled by Johns Hopkins University. New York has now become the new epicenter of the outbreak in the world with 75,795 confirmed cases as of Tuesday morning, more reported infections than China's Hubei province where the coronavirus emerged in December.
President Donald Trump speaks while Dr. Anthony Fauci (L) and Vice President Mike Pence stand by during the daily coronavirus task force briefing at the White House on March 31, 2020 in Washington, DC. Win McNamee | Getty Images
Earlier in the day, New York Gov. Andrew Cuomo said the outbreak in the state may not peak for three weeks. "I'm tired of being behind this virus. We've been behind this virus from day one," the governor said in Albany. "We underestimated this virus. It's more powerful, it's more dangerous than we expected." Trump, who grew up near New York City's Elmhurst hospital in Queens, said no one can believe officials are setting up refrigerator trucks as temporary mortuaries outside the hospital. Trump said New York "got a late start" in rolling out its mitigation efforts. New York City is setting up a handful of makeshift field hospitals to house coronavirus patients at the Jacob K. Javits Center, in Central Park and at the tennis courts in Queens that host the U.S. Open. De Blasio said the city is working with the federal government, the hotel industry and various other businesses to turn other buildings into potential medical facilities. More than 1,000 people in New York City alone have already died from the coronavirus, according to data updated at 5 p.m. ET by the NYC Health Department. "This is going to be the roughest three weeks we've ever had in this country," Trump said. "I wanted as few as a number of people to die as possible. And that's all we're working on." Dr. Deborah Birx , coordinator for the White House coronavirus task force, and Dr. Anthony Fauci said they are still projecting between 100,000 and 200,000 deaths in the U.S. with a peak in fatalities over the next two weeks. A slide presented at the press conference showed as many as 240,000 deaths.
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cnbc--2020-03-31--Private equity lobbyists were involved in the push for $500 billion coronavirus bailout fund

President Donald Trump speaks before signing the H.R .
748 , Coronavirus Aid , Relief , and Economic Security ( CARES ) Act , in the Oval Office of the White House in Washington , D.C. , U.S. , on Friday , March 27 , 2020 .
Erin Schaff/The New York Times/Bloomberg via Getty Images Lobbyists representing the private equity industry pushed the Trump administration and members of Congress to provide hundreds of billions of dollars in relief for businesses hammered by the spread of coronavirus .
The American Investment Council , which lobbies on behalf of the private equity @ @ @ @ @ @ @ both sides of the aisle and Treasury Department officials , according to people with direct knowledge of the matter .
These people declined to be named because the conversations were deemed private .
The organization pushed to make sure the Treasury 's economic stabilization fund would provide enough liquidity to businesses especially hampered by the coronavirus pandemic , these people added .
Private equity firms did not request financial assistance , these people added .
The $ 500 billion that was eventually made available for business loans and other forms of aid could @ @ @ @ @ @ @ private equity firms have invested .
Private equity firms often invest and restructure companies that are n't publicly traded .
McKinsey & Company , a management consulting firm , published a study showing that in 2019 , the volume of private equity deals declined in every region around the world except in North America , `` where capital invested rose 7 percent to $ 837 billion , a new high . ''
Members of the American Investment Council include private equity giants such as Blackstone , the Carlyle Group , Apollo Global Management @ @ @ @ @ @ @ .
The American Investment Council said they are hoping Congress and the administration do n't block companies from financial aid just because they are backed by outside investors .
`` Businesses across America are looking for support immediately in order to survive and continue to employ people , '' Drew Maloney , the CEO of American Investment Council , said in a statement to CNBC .
`` It should n't matter if these companies are backed by investments from corporations , pension funds , or others , '' he added .
He also @ @ @ @ @ @ @ work with the administration and Congress to make sure all businesses receive financial support .
A spokeswoman for the Treasury Department did not return a request for comment .
The virus has swept through the United States , with over 184,000 reported cases and just over 3,700 deaths .
The markets have whipsawed throughout the month of March .
The Dow and S & P 500 had their worst first-quarter performances ever , losing 23.2 % and 20 % , respectively .
The Labor Department announced a surge of over 3 million unemployment @ @ @ @ @ @ @ trillion stimulus bill , also known as the CARES Act , created a pool of $ 500 billion in taxpayer money to make loans , loan guarantees or investments to businesses that qualify and are in need of relief in the wake of the pandemic .
The airline industry , which has seen demand crater due to travel restrictions and customer fears , will receive a chunk of that cash .
Approximately $ 454 billion is going to support Federal Reserve lending programs to businesses , states and municipalities .
The Treasury Department @ @ @ @ @ @ @ next week for who is eligible for further assistance .
Lawmakers in Congress and the White House both have said they are looking into another round of stimulus .

President Donald Trump speaks before signing the H.R. 748, Coronavirus Aid, Relief, and Economic Security (CARES) Act, in the Oval Office of the White House in Washington, D.C., U.S., on Friday, March 27, 2020. Erin Schaff/The New York Times/Bloomberg via Getty Images
Lobbyists representing the private equity industry pushed the Trump administration and members of Congress to provide hundreds of billions of dollars in relief for businesses hammered by the spread of coronavirus.
The American Investment Council, which lobbies on behalf of the private equity industry, spoke to congressional leaders from both sides of the aisle and Treasury Department officials, according to people with direct knowledge of the matter. These people declined to be named because the conversations were deemed private.
The organization pushed to make sure the Treasury's economic stabilization fund would provide enough liquidity to businesses especially hampered by the coronavirus pandemic, these people added.
Private equity firms did not request financial assistance, these people added. The $500 billion that was eventually made available for business loans and other forms of aid could be a boon to companies in which private equity firms have invested. Private equity firms often invest and restructure companies that aren't publicly traded.
McKinsey & Company, a management consulting firm, published a study showing that in 2019, the volume of private equity deals declined in every region around the world except in North America, "where capital invested rose 7 percent to $837 billion, a new high."
Members of the American Investment Council include private equity giants such as Blackstone, the Carlyle Group, Apollo Global Management, Kohlberg Kravis Roberts and Warburg Pincus.
The American Investment Council said they are hoping Congress and the administration don't block companies from financial aid just because they are backed by outside investors.
"Businesses across America are looking for support immediately in order to survive and continue to employ people," Drew Maloney, the CEO of American Investment Council, said in a statement to CNBC. "It shouldn't matter if these companies are backed by investments from corporations, pension funds, or others," he added.
He also noted that the group will continue to work with the administration and Congress to make sure all businesses receive financial support.
A spokeswoman for the Treasury Department did not return a request for comment.
The virus has swept through the United States, with over 184,000 reported cases and just over 3,700 deaths. The markets have whipsawed throughout the month of March. The Dow and S&P 500 had their worst first-quarter performances ever, losing 23.2% and 20%, respectively. The Labor Department announced a surge of over 3 million unemployment claims last week.
The $2 trillion stimulus bill, also known as the CARES Act, created a pool of $500 billion in taxpayer money to make loans, loan guarantees or investments to businesses that qualify and are in need of relief in the wake of the pandemic.
The airline industry, which has seen demand crater due to travel restrictions and customer fears, will receive a chunk of that cash. Approximately $454 billion is going to support Federal Reserve lending programs to businesses, states and municipalities. The Treasury Department is expected to provide guidance over the next week for who is eligible for further assistance.
Lawmakers in Congress and the White House both have said they are looking into another round of stimulus.


cnbc--2020-04-02--Firms fear small business loan program in coronavirus rescue package will run out of money

Marlin Steel Wire Products is busy making wire racks for covid-19 test kits .
Still , the company is going to pursue a paycheck protection loan because of concerns clients will stop paying their bills or slow buying because they are strapped during the coronavirus pandemic .
`` I never want anything bad to happen to my awesome employees .
So for that reason , we 're going to take the conservative approach , we want to protect our people , '' said Drew Greenblatt , CEO of Marlin Steel .
The Treasury Department issued guidelines Tuesday about the $ @ @ @ @ @ @ @ of the $ 2 trillion coronavirus rescue package signed into law last week .
The aim is to make sure small businesses can continue to pay their workers through the pandemic disruptions .
Organizations can apply for a loan through a Small Business Administration Lender beginning April 3rd .
The loans will be forgiven as long as the money is used to keep employees on the payroll and other expenses like rent , utilities and mortgage interest .
Smith & Richardson is a specialty parts maker based outside Chicago .
The company has @ @ @ @ @ @ @ ventilators , and the commercial aviation and transportation industries .
Even though business is keeping his team of 53 busy now , his accountant advised him to consider applying for the new loans .
`` We do n't need to but you know the way that was written , the Payroll Protection Program , we 'd kind of be foolish not to , '' said Smith & Richardson CEO Richard Hoster , `` It 's almost free money . ''


cnbc--2020-04-02--Navy relieves captain of duty after he pleaded for help with coronavirus outbreak on aircraft carrie

Navy relieves captain of duty after he pleaded for help with coronavirus outbreak on aircraft carrier

Captain Brett Crozier , commanding officer of the U.S. Navy aircraft carrier USS Theodore Roosevelt , addresses the crew during an all-hands call on the ship 's flight deck in the eastern Pacific Ocean December 19 , 2019 .
WASHINGTON — An aircraft carrier captain who made a stunning plea for help over a coronavirus outbreak on his vessel has been relieved of duty .
The officer , Capt .
Brett Crozier of the USS Theodore Roosevelt , had written a letter to military leadership regarding the situation on his carrier , and it leaked to the media .
`` @ @ @ @ @ @ @ , their families , and many in the public believe that his letter was the only reason help from our larger Navy family was forthcoming , which was hardly the case , '' Thomas Modly , acting Secretary of the Navy , told reporters Thursday at the Pentagon .
`` It raised alarm bells unnecessarily , '' he added , saying that the Navy was making preparations to address the concerns laid out in the letter .
Modly said that the captain 's letter , dated March 30 , was sent via nonsecure @ @ @ @ @ @ @ of command .
In a four-page letter , first reported by the San Francisco Chronicle , Crozier described a worsening coronavirus outbreak aboard the warship , a temporary home to more than 4,000 crew members .
More than 100 people on the ship were infected .
`` We are not at war .
Sailors do not need to die .
If we do not act now , we are failing to properly take care of our most trusted asset — our Sailors , '' Crozier wrote .
`` The spread of the disease @ @ @ @ @ @

Captain Brett Crozier, commanding officer of the U.S. Navy aircraft carrier USS Theodore Roosevelt, addresses the crew during an all-hands call on the ship's flight deck in the eastern Pacific Ocean December 19, 2019.
WASHINGTON — An aircraft carrier captain who made a stunning plea for help over a coronavirus outbreak on his vessel has been relieved of duty.
The officer, Capt. Brett Crozier of the USS Theodore Roosevelt, had written a letter to military leadership regarding the situation on his carrier, and it leaked to the media.
"The captain's actions made his sailors, their families, and many in the public believe that his letter was the only reason help from our larger Navy family was forthcoming, which was hardly the case," Thomas Modly, acting Secretary of the Navy, told reporters Thursday at the Pentagon.
"It raised alarm bells unnecessarily," he added, saying that the Navy was making preparations to address the concerns laid out in the letter. Modly said that the captain's letter, dated March 30, was sent via nonsecure unclassified email and also outside the chain of command.
In a four-page letter, first reported by the San Francisco Chronicle, Crozier described a worsening coronavirus outbreak aboard the warship, a temporary home to more than 4,000 crew members. More than 100 people on the ship were infected.
"We are not at war. Sailors do not need to die. If we do not act now, we are failing to properly take care of our most trusted asset — our Sailors," Crozier wrote. "The spread of the disease is ongoing and accelerating."


cnbc--2020-04-02--Churches allowed to stay open in states where millions are particularly vulnerable to coronavirus

Bishop , Eugene Cooper , pastor of the St. James House of Prayer of the Apostolic Faith Church leads Sunday service during the corona pandemic .
The St. James House of Prayer of the Apostolic Faith Church held Sunday services outdoors in an effort to curb the spread of COVID-19.- PHOTOGRAPH BY Paul Hennessy / Echoes Wire/ Barcroft Studios / Future Publishing ( Photo credit should read Paul Hennessy / Echoes Wire/Barcroft Media via Getty Images ) Churches and other religious facilities will be allowed to remain open in more than half of the states that are the most vulnerable @ @ @ @ @ @ @ to mandated closures of nonessential businesses .
Of the 15 states in the nation home to the highest percentage of especially at-risk individuals , at least 11 were not barring religious gatherings as of Thursday morning , a nationwide CNBC review of emergency orders found .
It is not clear how many individuals are continuing to attend religious services or how many facilities have closed voluntarily or under city and local orders .
The White House is urging Americans to avoid all public gatherings of 10 or more until the end of April @ @ @ @ @ @ @ provide some obstacles to mitigation efforts such as social distancing that public health officials have said will save possibly 2 million lives if carried out `` perfectly . ''
Some religious organizations , including the Mormon church and the leaders of Christianity Today , an influential evangelical magazine , have come out in support of suspending religious gatherings .
In the 15 most vulnerable states identified by the Kaiser Family Foundation , a national nonprofit that studies health issues , more than four in 10 adult residents are 65 or older or have @ @ @ @ @ @ @ cases of COVID-19 are mild , the Centers for Disease Control and Prevention have said people who fall into those two categories are more at risk of serious illness from the disease , with the most critical cases requiring intensive care and the use of medical ventilators , which are now in short supply .
Florida Gov .
Ron DeSantis became the latest state leader to allow for religious exemptions to a shelter-in-place order on Wednesday .
DeSantis 's order listed `` religious services conducted in churches , synagogues and houses of worship @ @ @ @ @ @ @ that are allowed to stay open .
Other particularly vulnerable states with special exemptions for religious activities include Louisiana , Tennessee , West Virginia , New Hampshire , Delaware , Michigan and Mississippi .
In Oklahoma , Missouri and Arkansas , there are no statewide orders closing nonessential businesses .
The vulnerable population of those 11 states totals more than 8.4 million adults , according to a CNBC calculation using KFF data .
In some of the states , the rules are not especially clear .
Michigan Gov .
Gretchen Whitmer , for @ @ @ @ @ @ @ `` all public and private gatherings of any number of people occurring among persons not part of a single household . ''
But places of worship are `` not subject to penalty , '' the order stipulates .
Some governors , including South Carolina Gov .
Henry McMaster and Alabama Gov .
Kay Ivey , signed orders closing down nonessential businesses that , instead of listing exceptions to the rule , provided a list of entities that would have to close .
Those lists did not specifically mention religious facilities .
The South @ @ @ @ @ @ @ office did not immediately respond to emails requesting comment .
A few of the vulnerable states with exemptions that allow church services to continue explicitly order them to follow social distancing rules .
New Hampshire Gov .
Chris Sununu , for instance , provided an exemption to `` any church , synagogue , mosque , or other house of worship , '' in his order , so long as they comply with an earlier regulation barring gatherings of 10 or more people .
Mississippi Gov .
Tata Reeves also provided an exemption for @ @ @ @ @ @ @ as they adhere to state and CDC guidelines .
In contrast , the orders signed by the governors of only two of the 15 states , Kentucky and Maine , do not seem to provide any sort of leeway for religious institutions .
Kentucky Gov .
Andy Beshear specifically barred `` faith-based '' mass gatherings in a letter issued before his statewide shelter-in-place order .
Citing state health officials , Beshear said on Wednesday that a church revival in mid-March contributed to the spread of coronavirus in the state .
In Maine , @ @ @ @ @ @ @ that specifically defined essential businesses and activities and did not include religious institutions .
The Roman Catholic Diocese of Portland suspended all of its religious services in the state last month .

Bishop, Eugene Cooper, pastor of the St. James House of Prayer of the Apostolic Faith Church leads Sunday service during the corona pandemic. The St. James House of Prayer of the Apostolic Faith Church held Sunday services outdoors in an effort to curb the spread of COVID-19.- PHOTOGRAPH BY Paul Hennessy / Echoes Wire/ Barcroft Studios / Future Publishing (Photo credit should read Paul Hennessy / Echoes Wire/Barcroft Media via Getty Images)
Churches and other religious facilities will be allowed to remain open in more than half of the states that are the most vulnerable to coronavirus, often with special exemptions to mandated closures of nonessential businesses.
Of the 15 states in the nation home to the highest percentage of especially at-risk individuals, at least 11 were not barring religious gatherings as of Thursday morning, a nationwide CNBC review of emergency orders found.
It is not clear how many individuals are continuing to attend religious services or how many facilities have closed voluntarily or under city and local orders. The White House is urging Americans to avoid all public gatherings of 10 or more until the end of April.
But the exemptions for religious institutions provide some obstacles to mitigation efforts such as social distancing that public health officials have said will save possibly 2 million lives if carried out "perfectly."
Some religious organizations, including the Mormon church and the leaders of Christianity Today, an influential evangelical magazine, have come out in support of suspending religious gatherings.
In the 15 most vulnerable states identified by the Kaiser Family Foundation, a national nonprofit that studies health issues, more than four in 10 adult residents are 65 or older or have an underlying medical condition.
While most cases of COVID-19 are mild, the Centers for Disease Control and Prevention have said people who fall into those two categories are more at risk of serious illness from the disease, with the most critical cases requiring intensive care and the use of medical ventilators, which are now in short supply.
Florida Gov. Ron DeSantis became the latest state leader to allow for religious exemptions to a shelter-in-place order on Wednesday.
DeSantis's order listed "religious services conducted in churches, synagogues and houses of worship" among the "essential activities" that are allowed to stay open.
Other particularly vulnerable states with special exemptions for religious activities include Louisiana, Tennessee, West Virginia, New Hampshire, Delaware, Michigan and Mississippi. In Oklahoma, Missouri and Arkansas, there are no statewide orders closing nonessential businesses.
The vulnerable population of those 11 states totals more than 8.4 million adults, according to a CNBC calculation using KFF data.
In some of the states, the rules are not especially clear. Michigan Gov. Gretchen Whitmer, for instance, signed an order that barred "all public and private gatherings of any number of people occurring among persons not part of a single household." But places of worship are "not subject to penalty," the order stipulates.
Some governors, including South Carolina Gov. Henry McMaster and Alabama Gov. Kay Ivey, signed orders closing down nonessential businesses that, instead of listing exceptions to the rule, provided a list of entities that would have to close. Those lists did not specifically mention religious facilities. The South Carolina Department of Commerce and Ivey's office did not immediately respond to emails requesting comment.
A few of the vulnerable states with exemptions that allow church services to continue explicitly order them to follow social distancing rules.
New Hampshire Gov. Chris Sununu, for instance, provided an exemption to "any church, synagogue, mosque, or other house of worship," in his order, so long as they comply with an earlier regulation barring gatherings of 10 or more people. Mississippi Gov. Tata Reeves also provided an exemption for "religious gatherings," as long as they adhere to state and CDC guidelines.
In contrast, the orders signed by the governors of only two of the 15 states, Kentucky and Maine, do not seem to provide any sort of leeway for religious institutions.
Kentucky Gov. Andy Beshear specifically barred "faith-based" mass gatherings in a letter issued before his statewide shelter-in-place order. Citing state health officials, Beshear said on Wednesday that a church revival in mid-March contributed to the spread of coronavirus in the state.
In Maine, Gov. Janet Mills signed an order that specifically defined essential businesses and activities and did not include religious institutions. The Roman Catholic Diocese of Portland suspended all of its religious services in the state last month.


cnbc--2020-04-02--Air Force will release nearly $900 million in withheld payments to Boeing as coronavirus hits indust

Air Force will release nearly $900 million in withheld payments to Boeing as coronavirus hits industry

WASHINGTON — The Pentagon will release $ 882 million in withheld payments to Boeing in an effort to mitigate the financial strain of the coronavirus outbreak on the defense contractor .
The U.S. Air Force and Boeing negotiated the release of payments , which were held back due to outstanding flaws with the KC-46 aerial refueling tanker .
`` When COVID-19 hit obviously things changed for the entire defense industrial base , '' Will Roper , assistant secretary of the Air Force for acquisition , technology and logistics , told Pentagon reporters Thursday via teleconference .
`` Cash flow is @ @ @ @ @ @ @ , and we 've created policies in the Department of the Air Force to get as much cash out of our hands and to industry as possible ...
The KC-46 is no exception , '' he added .
Last January , after a two-year delay , the Air Force received its first two Boeing aerial refueling tankers .
And while the Air Force plans to buy 179 tankers , the program has been plagued with a litany of problems , including foreign object debris and issues with the camera system used during the @ @ @ @ @ @ @ the coronavirus is the latest blow to Boeing , which along with Airbus dominates commercial aircraft production .
Boeing temporarily shut down production at its factories in the Seattle area and several employees have tested positive for COVID-19 .
Boeing in January halted production of the 737 Max , which is made in Renton , Washington , to cut costs associated with the aircraft , which has been grounded worldwide for just over a year after two fatal crashes killed 346 people .
What 's more , the aviation industry has been especially @ @ @ @ @ @ @ race to ground hundreds of planes and defer orders to match the collapse in air travel demand .

WASHINGTON — The Pentagon will release $882 million in withheld payments to Boeing in an effort to mitigate the financial strain of the coronavirus outbreak on the defense contractor.
The U.S. Air Force and Boeing negotiated the release of payments, which were held back due to outstanding flaws with the KC-46 aerial refueling tanker.
"When COVID-19 hit obviously things changed for the entire defense industrial base," Will Roper, assistant secretary of the Air Force for acquisition, technology and logistics, told Pentagon reporters Thursday via teleconference.
"Cash flow is everything right now, liquidity is everything, and we've created policies in the Department of the Air Force to get as much cash out of our hands and to industry as possible ... The KC-46 is no exception," he added.
Last January, after a two-year delay, the Air Force received its first two Boeing aerial refueling tankers. And while the Air Force plans to buy 179 tankers, the program has been plagued with a litany of problems, including foreign object debris and issues with the camera system used during the refueling process.
The economic fallout from the coronavirus is the latest blow to Boeing, which along with Airbus dominates commercial aircraft production.
Boeing temporarily shut down production at its factories in the Seattle area and several employees have tested positive for COVID-19. Boeing in January halted production of the 737 Max, which is made in Renton, Washington, to cut costs associated with the aircraft, which has been grounded worldwide for just over a year after two fatal crashes killed 346 people.
What's more, the aviation industry has been especially hit hard by the coronavirus as airlines race to ground hundreds of planes and defer orders to match the collapse in air travel demand.


cnbc--2020-04-02--The Navy's twin hospital ships have treated fewer than 20 patients as coronavirus battle rages

A military officer next to the USNS Comfort Navy hospital ship located at Pier 90 to care for patients not related to Covic-19 on March 31 , 2020 in New York City .
WASHINGTON — The captains of the U.S. Navy 's two hospital ships said Thursday that the vessels have treated fewer than 20 patients since deploying to New York and Los Angeles in an effort to alleviate the pressure on local hospitals .
The USNS Mercy , the first of the twin hospital ships to deploy , arrived in Los Angeles last week and has since treated 15 @ @ @ @ @ @ @ support of FEMA in the state of California so we 're ready to answer whatever the demand signal is .
And if that demand signal ramps up , we 'll certainly be ready to accommodate that , '' U.S. Navy Capt .
John Rotruck , the commanding officer of the USNS Mercy , told Pentagon reporters via telephone .
Rotruck added that Mercy 's crew has yet to perform any surgeries onboard but has already treated a variety of injuries .
`` People who have been in traumatic accidents who are now recovering @ @ @ @ @ @ @ lung problems .
So pretty much the gamut of patients that you 'd expect to see in a community hospital , '' he said .

A military officer next to the USNS Comfort Navy hospital ship located at Pier 90 to care for patients not related to Covic-19 on March 31, 2020 in New York City.
WASHINGTON — The captains of the U.S. Navy's two hospital ships said Thursday that the vessels have treated fewer than 20 patients since deploying to New York and Los Angeles in an effort to alleviate the pressure on local hospitals.
The USNS Mercy, the first of the twin hospital ships to deploy, arrived in Los Angeles last week and has since treated 15 patients.
"We're here in support of FEMA in the state of California so we're ready to answer whatever the demand signal is. And if that demand signal ramps up, we'll certainly be ready to accommodate that," U.S. Navy Capt. John Rotruck, the commanding officer of the USNS Mercy, told Pentagon reporters via telephone.
Rotruck added that Mercy's crew has yet to perform any surgeries onboard but has already treated a variety of injuries.
"People who have been in traumatic accidents who are now recovering, people with gastrointestinal and heart and lung problems. So pretty much the gamut of patients that you'd expect to see in a community hospital," he said.


cnbc--2020-04-02--Trump campaign tells Jeff Sessions to stop claiming he is the president's biggest supporter

President Donald Trump , left , stands with Attorney General Jeff Sessions on December 15 , 2017 in Quantico , Virginia , before participating in the FBI National Academy graduation ceremony .
President Donald Trump 's campaign unloaded on Jeff Sessions , the former attorney general who is seeking his old U.S. Senate seat in Alabama , accusing him of attempting to mislead GOP voters into thinking the commander in chief supports him .
In a letter sent this week , the Trump campaign 's chief operating officer , Michael Glassner , excoriated Sessions for claiming to supporters in mailers @ @ @ @ @ @ @ 1 Supporter . ''
`` We only assume your campaign is doing this to confuse President Trump 's loyal supporters in Alabama into believing the President supports your candidacy in the upcoming primary run-off election , '' Glassner said .
`` Nothing could be further from the truth . ''
Sessions is in a Republican primary battle in Alabama , as the GOP looks to take back the seat currently held by Democrat Doug Jones , who narrowly defeated disgraced former Judge Roy Moore in a 2017 special election .
Jones is considered @ @ @ @ @ @ @ for election this year .
Sessions will face college football coach Tommy Tuberville in a runoff election for the GOP nomination in July .
Trump has endorsed Tuberville .
Trump fired Sessions from leading the Justice Department in November 2018 after he repeatedly lambasted the former Alabama lawmaker for recusing himself from overseeing special counsel Robert Mueller 's investigation into Russian interference during the 2016 election .
Sessions was one of Trump 's earliest supporters in the 2016 presidential campaign .
`` Devil 's Bargain , '' a book written by reporter Josh @ @ @ @ @ @ @ to back Trump by former White House chief strategist Steve Bannon .

President Donald Trump, left, stands with Attorney General Jeff Sessions on December 15, 2017 in Quantico, Virginia, before participating in the FBI National Academy graduation ceremony.
President Donald Trump's campaign unloaded on Jeff Sessions, the former attorney general who is seeking his old U.S. Senate seat in Alabama, accusing him of attempting to mislead GOP voters into thinking the commander in chief supports him.
In a letter sent this week, the Trump campaign's chief operating officer, Michael Glassner, excoriated Sessions for claiming to supporters in mailers that he's "Trump's #1 Supporter."
"We only assume your campaign is doing this to confuse President Trump's loyal supporters in Alabama into believing the President supports your candidacy in the upcoming primary run-off election," Glassner said. "Nothing could be further from the truth."
Sessions is in a Republican primary battle in Alabama, as the GOP looks to take back the seat currently held by Democrat Doug Jones, who narrowly defeated disgraced former Judge Roy Moore in a 2017 special election. Jones is considered one of the most vulnerable senators up for election this year.
Sessions will face college football coach Tommy Tuberville in a runoff election for the GOP nomination in July. Trump has endorsed Tuberville.
Trump fired Sessions from leading the Justice Department in November 2018 after he repeatedly lambasted the former Alabama lawmaker for recusing himself from overseeing special counsel Robert Mueller's investigation into Russian interference during the 2016 election.
Sessions was one of Trump's earliest supporters in the 2016 presidential campaign. "Devil's Bargain," a book written by reporter Josh Green, reports that Sessions was convinced to back Trump by former White House chief strategist Steve Bannon.