Mnuchin Provides Update on Small Business Loans for Coronavirus Relief
Small business owners can expect to receive documents and instructions on how to file for federal aid early this week and have access to loans starting this Friday, according to various reports.
“A combination of small business loans will be available this week," said Treasury Secretary Steven Mnuchin in a television apperance on Sunday, according to Bloomberg. “Any FDIC bank, any credit union, any fintech lender will be authorized to make these loans” to a small business that meets certain approvals.
As part of the $2.2 trillion relief bill approved last week, Fox News reported that $350 billion is funding for small businesses. The relief bill is expected to last between eight to 12 weeks.
Businesses with fewer than 500 employees are eligible for up to $10 million in loans. The small business loan program will allow companies that needed to let go of employees after Feb. 15 to rehire them.
“Go back and hire your workers because the government is paying you to do that,” said Mnuchin to small business owners in a report from CNN.
It's also up to companies to file for aid if they need it, and that the government will "not force money on companies," according to Mnuchin during an apperance on CBS News' "Face the Nation" show on Sunday.
More information on how to apply for aid will be posted on the U.S. Small Business Administration’s website.