By David Lawder
WASHINGTON (Reuters) – The United States’ new $350 billion small-business coronavirus rescue loan program could see millions of applications when it launches on Friday, senior Trump administration officials said on Tuesday.
Officials from the U.S. Treasury and Small Business Administration, which are jointly administering the so-called Paycheck Protection Program, said they were working to ensure that processing capabilities, both in person at SBA lenders and online, would be able to handle high volumes of applications on Friday.
Funds will be allocated on a first-come, first-serve basis, the officials told reporters on a conference call. Banks and other SBA lenders have “delegated authority” to approve loans starting on Friday without a review from the agency.
The loans will be registered with the SBA to ensure that each qualifying business gets only one.
Lenders “will approve, with their short paperwork what they…