Help could be on the way for small businesses as soon as Friday, according to Treasury Secretary Steve Mnuchin.
The Treasury Department said it hopes to release documents and instructions later Monday on how businesses can apply for the funds, according to the Wall Street Journal.
Small-business owners can go to any of the existing SBA lenders, as well as any FDIC-insured institution, credit union or financial-technology lender that has signed up for the program, he said in a Fox Business Network interview.
“We expect this will be very, very easy,” he said.
Businesses with less than 500 employees are eligible for the loans which include options for loan forgiveness in some parts of the program. The maximum amount business can borrow is $10 million.
Reportedly, it will be much easier for businesses to qualify for the loans compared to the typical U.S. Small Business Association process, and in many cases those that apply will be able to get the money the same day, Mnuchin previously said.
If the program is successful, the administration will go back and ask Congress for additional funds.
The $350 billion set aside for small business loans as part of the $2 trillion relief package passed last week is different from the current SBA disaster loans administered directly by SBA that are available now and that have a $2 million maximum.
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