Treasury secretary Mnuchin predicts US economy will rebound in months and not years: 'We are going to have terrific breakthroughs'

• Treasury Secretary Steven Mnuchin n Sunday said the US economy could recover from the novel coronavirus pandemic within "months."
• The coronavirus has sent shock waves through businesses and economies across the world in what Mnuchin acknowledged as an "unprecedented time."
• Mnuchin also said he was "hopeful" to strike a deal with Democratic lawmakers on a small business loan deal today to continue the Payroll Protection Program, which ran out of money last week.
• Visit Business Insider's homepage for more stories.

Treasury Secretary Steven Mnuchin said Sunday that he expects the US economy could recover from the effects of the novel coronavirus pandemic within "months."

Mnuchin shared his predictions in an appearance on CNN's "State of the Union" amid dire predictions from the Congressional Budget Office and decisions from industry leaders in sports and entertainment pushing major events to 2021.

"I think it will be months," Mnuchin said of the economy's recovery. "I definitely don't think it will be years."

"We are going to have terrific breakthroughs," he added.

Mnuchin said despite the "unprecedented time," advances in testing and treatments for COVID-19 will help shed light on the virus and play a key role in the economy's reopening.

People will "react positively" if they can be confident if they "get this disease they will be able to get treatments as well," Mnuchin told CNN's host Jake Tapper.

"We have never been in a situation where we have closed down the economy and I think, rightfully so, people are being cautious," Mnuchin said. "On the other hand, as we get comfortable reopening the economy, I think we will see a big rebound."

Mnuchin also said Sunday morning that he was "hopeful" the government could reach an agreement on a small business loan deal today, which would allow the Senate to pass the bill on Monday and the House could pass on Tuesday to continue the Payroll Protection Program, a $349 billion emergency program that ran out of money last week.