Treasury Secretary Steven Mnuchin said on Monday that loans to help small businesses recover from the coronavirus outbreak “will be available starting on Friday,” with more information to come “later today.”
The $2.2 trillion coronavirus relief bill that Congress passed last week includes $350 billion for small businesses, with any that have fewer than 500 employees eligible for as much as $10 million in loans to help cover expenses, payroll, and other costs during the outbreak.
Mnuchin told Fox Business host Stuart Varney that for small businesses, “these loans will be available starting on Friday. We hope later today we’ll be releasing the documents and instructions” on the Small Business Administration’s website.
He said that owners can apply through any existing SBA lender, in addition to any institution, credit union or financial-technology lender that is FDIC-insured and signed up for the program.
"This is a very popular program with Republicans and Democrats, and the president likes it a lot," Mnuchin added, saying that "if we run out of money, and this is a huge success, we will absolutely go back to Congress and ask for more money."
The secretary said, "And by the way, it makes economic sense. Because every person we put through this program, we don't have to pay unemployment insurance."
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