(Stimulus Update) Coronavirus relief talks moved to late July

In May, businesses hired or rehired 2.5 million workers, mostly in the hospitality and construction industries. At a hearing Wednesday to discuss the program allowing small businesses to take out forgivable loans, Treasury Secretary Steven Mnuchin said that program – and others – had created successful incentives for companies to retain workers, but the White House wanted to allow more stimulus funds to be spent before negotiating new aid.

The Trump administration is estimating that more than half of funds from the last three stimulus packages remain “unobligated,” or not yet spent, according to three sources briefed on calculations conducted by the Office of Management and Budget.

The Senate and House of Representatives are scheduled to return to Washington on July 21, after two weeks working and campaigning in their home districts, and 10 days before certain critical programs under the CARES Act, like increased unemployment insurance payments, are set to expire.

GOP lawmakers and the administration are now armed with encouraging data on unemployment and calculations showing that much of previous stimulus money remains unspent.