Mnuchin says he will ask for more small business loan funding if $350 billion pool runs out
US Treasury Secretary Steven Mnuchin speaks during the daily briefing on the novel coronavirus, COVID-19, at the White House on March 25, 2020, in Washington, DC.The small business measures aim to help companies cover payroll and other expenses during the punishing outbreak. Firms with fewer than 500 employees can use the money to cover salary, wages and benefits, with a maximum loan of $10 million or 250% of monthly payroll.
The loans will be available through Small Business Administration approved lenders. Payments will be deferred for six months, and companies can apply for forgiveness on at least part of what they borrow. Companies can get the loans forgiven if they use the funds on pay, rent, mortgage or utilities, but the amount forgiven gets reduced if businesses cut jobs or reduce pay.
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