On March 30th, the Treasury Secretary said he hopes that they will release documents and instructions later in the day covering how small businesses can apply for loans created by the coronavirus relief package.
The loan process for obtaining the loans will be “very simple,” and that small-business owners will be able to go to existing Small Business Administration lenders as well as banks, credit unions and financial technology lenders to apply.
I expect this to be very easy.
Please contact your bank that you bank with or borrow money with. They will be on the front line with this process.
We are also here to help in providing you with the necessary information that will be needed.
The Treasury secretary expects that the loans to be available starting on Friday.
The new coronavirus relief law creates a $350 billion program that allows small business owners to apply for loans that would be forgiven if they hire or retain their workers.
The loans are designed to cover eight weeks of a business’s payroll, and a business can receive a loan of up to $10 million under the program.
This is a very effective way to keep people at work so that when the economy opens up, they’re ready, and small businesses have their employees and are open for business,” he said.
I also feel that the administration will ask Congress for additional funds if the program proves to be popular and funds for it run out.