Mnuchin says stimulus loan program will be 'up and running' on Friday, despite lenders saying they aren't ready

Steven Mnuchin and Donald Trump.
(Image credit: Mandel Ngan/AFP via Getty Images)

Treasury Secretary Steven Mnuchin on Thursday said a $349 billion coronavirus rescue loan program for small businesses will be "up and running" on Friday, even as lenders express confusion over how they will issue the loans.

The program aims to keep small businesses like salons and restaurants afloat during the coronavirus pandemic. Business owners can get loans of up to $10 million to make payroll for eight weeks or cover rent, utilities, and other expenses. Mnuchin admitted not all lenders will be able to issue loans on Friday, but still encouraged business owners to apply. "You get the money, you'll get it the same day, you use it to pay your workers," he said. "Please bring your workers back to work if you've let them go."

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Catherine Garcia, The Week US

Catherine Garcia has worked as a senior writer at The Week since 2014. Her writing and reporting have appeared in Entertainment Weekly, The New York Times, Wirecutter, NBC News and "The Book of Jezebel," among others. She's a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.