Steven Mnuchin, U.S. Treasury secretary, speaks during a Coronavirus Task Force news conference at the White House in Washington, D.C., U.S., on Thursday, April 2, 2020.
Kevin Dietsch | Bloomberg | Getty Images
The Treasury Department changed the terms on some loans it’s offering to small businesses during the coronavirus pandemic, making them less favorable for borrowers, experts say.
The loans at issue are being made through the Paycheck Protection Program, which offers up to $10 million in forgivable loans to businesses with 500 or fewer employees.
The program, which officially opened for many borrowers on Friday morning, will dole out up to $349 billion to ailing small businesses to help cover costs like payroll, rent and utilities. The loans are made through lenders approved by the Small Business Administration and other institutions.
It’s worse than was initially laid out [for borrowers].
Roger DaSilva
founder of Realm Startup Advisory
In initial guidance, the Treasury Department had…
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