Good afternoon: Today's PM — edited by Justin Green — is 462 words, a 2-minute read.
Treasury Secretary Steven Mnuchin speaks during a virtual Senate Banking Committee hearing. Photo: Daniel Acker/Bloomberg via Getty Images
One takeaway from today's Senate coronavirus bailout hearing: The Treasury Department and Federal Reserve both think the worst could be yet to come for America's economy.
Why it matters: Fed Chair Jerome Powell reiterated his belief that a full recovery may not come until there's a vaccine, and Treasury Secretary Steven Mnuchin said there's the risk of "permanent damage" if states delay reopening.
In the virtual hearing, the Senate Banking Committee pressed Powell and Mnuchin on whether the economic programs were enough to support businesses or localities that are in need.
The big picture: Many of the Fed's coronavirus lending programs have yet to launch.
One fiery moment: Sen. Elizabeth Warren pushed Mnuchin on whether the businesses receiving relief from certain programs would be required to keep workers on their payrolls.
Between the lines: Mnuchin was pressed on the eight-week period that businesses are required to spend Paycheck Protection Program funds. Small businesses want it extended, but that fix would need to come from Congressional legislation, not the Treasury Department.
President Trump arrives at the Hart Senate Office Building on Capitol Hill before meeting with Republican senators at their weekly luncheon.
Photo: Katie Kirby/Revolution Event Design & Production via AP
Laugh or cry: The summer of social distancing will produce some memorable photos.