Treasury Secretary Steve Mnuchin. Photo: AL DRAGO/POOL/AFP via Getty Images

Treasury Secretary Steve Mnuchin told CNBC Thursday that shutting down the economy again to stop the spread of the coronavirus is not an option.

Why it matters: The comment came as stocks opened much lower Thursday amid fears that infections are spiking again in states that have reopened. Mnuchin said the country "learned a lot” from the first shutdown, which he said caused significant damage even if it helped slow the spread of the virus.

  • Mnuchin said he is ready to ask Congress for additional money if needed, after telling the Senate at a hearing Wednesday that the U.S. will "definitely" need another bipartisan stimulus package to prop up certain vulnerable industries.

What he's saying: “We can’t shut down the economy again. I think we’ve learned that if you shut down the economy, you’re going to create more damage,” Mnuchin told Jim Cramer on “Squawk on the Street.” 

  • “And not just economic damage, but there are other areas and we’ve talked about this: medical problems and everything else that get put on hold. I think it was very prudent what the president did, but I think we’ve learned a lot.”
  • “We have the Fed program, we have Main Street [lending program], which is going to be now up and running, and we’re prepared to go back to Congress for more money to support the American worker. So we’re going to get everybody back to work. That’s my No. 1 job working with the president and we’re going to do that.”

Go deeper

U.K. bans Huawei from its 5G network

British Prime Minister Boris Johnson. Photo: Dan Kitwood/Getty Images

The U.K. said Tuesday that it will no longer allow Chinese tech company Huawei to access its 5G network amid growing pressure on Prime Minister Boris Johnson to take a stand against Beijing, the New York Times reports.

Why it matters: It's a big win for the Trump administration, which has sought to firewall Huawei from networks around the world and put intense pressure on its closest ally to make such a move.

33 mins ago - Sports

The NBA's YouTube generation documents life in Orlando bubble

Illustration: Aïda Amer/Axios

The NBA bubble at Walt Disney World demands a documentary and will surely get its own "30 for 30" one day. But as the action begins to unfolds, it's clear that the players, themselves, will be the primary storytellers.

Why it matters: The most unique sporting event in history (just ahead of every other event this year) will be documented by its participants, making it less of a traditional "sports season" and more of a must-see reality show.

PPP was not enough for small businesses

Illustration: Sarah Grillo/Axios

The Paycheck Protection Program (PPP) has left much to be desired for needy small businesses around the U.S., and the overwhelming majority of recipients are about to exhaust their funding and may start laying off employees.

Why it matters: The PPP has been derided by some economists and researchers as inefficient and ineffective, but a new Goldman Sachs survey shows that even for the businesses and employees it helped, it has not been enough.