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    Stock Market News: Volatility Up 14% As Markets Fall

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    Stock Market News: Volatility Up 14% As Markets Fall

    What Trump’s Mask, Toyota Production And OPEC+ Meeting Mean For Markets

    Stock Market News: Volatility Up 14% As Markets Fall

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    Stock Market News: Volatility Up 14% As Markets Fall

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    Stock Market News: Volatility Up 14% As Markets Fall

    The Virus And The Economy

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Small-business loan program ‘will not run out of money,’ Mnuchin says

Trade News by Trade News
April 8, 2020
in Personal Finance
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Small-business loan program ‘will not run out of money,’ Mnuchin says
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Companies seeking relief funding through the Small Business Administration’s new loan program will receive their loans within the next week or so, Treasury Secretary Steven Mnuchin said Wednesday.

Lenders began processing loan applications for the Paycheck Protection Program on Friday, April 3. The $349 billion program within the $2.2 trillion stimulus package provides forgivable loans to small businesses that keep their workers on payroll. The forgivable loans are a top priority for dealers trying to keep their businesses afloat as showrooms are ordered to close throughout the United States because of the coronavirus pandemic.

More than 17,500 loans valued at $5.4 billion were approved on the first day, according to Jovita Carranza, administrator for the small-business agency.

President Donald Trump said the Small Business Administration has processed more than $70 billion in guaranteed loans as of Tuesday, April 7. The White House has asked Congress to pass legislation to fund an…



Source Autonews.com

Tags: loanMnuchinmoneyprogramrunsmallbusiness
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