Treasury's Mnuchin, Fed's Powell, hone in on need for small business aid

FILE PHOTO: U.S. Treasury Secretary Steven Mnuchin and Federal Reserve Board Chairman Jerome Powell testify during a Senate's Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress, in Washington, DC, U.S., September 24, 2020. Drew Angerer/Pool/File Photo

WASHINGTON (Reuters) - Treasury Secretary Steven Mnuchin and Fed Chair Jerome Powell said U.S. small businesses remain at risk amid a surging pandemic, with Mnuchin suggesting $300 billion be set aside for grants to struggling businesses.

“These businesses cannot wait two or three months,” Mnuchin told the Senate Banking Committee, urging lawmakers to repurpose funds he is clawing back from other Fed programs.

“There are a lot of small businesses that are at risk,” Powell said.

Reporting by Howard Schneider; Editing by Chizu Nomiyama