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


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."
Tony Wilkinson, president of the National Association of Government Guaranteed Lenders, told Reuters "we anticipate more demand than supply. We've got to get our lenders comfortable with the rules so that we know that when we originate a loan, counting on a government guarantee, that we're doing the things necessary so we can actually have the government guarantee."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Applications will be accepted on Friday, Wilkinson said, but it's anyone's guess how many will be approved. "They will process and close them after they know what the rules are," he said. JP Morgan Chase informed clients on Thursday night that they were "still awaiting guidance" from the Small Business Administration and Treasury, and "as a result, Chase will most likely not be able to start accepting applications on Friday, April 3rd, as we had hoped."
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
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.
-
July 5 editorial cartoons
Cartoons Saturday’s political cartoons include an extrajudicial detainment camp, 'alligator Alcatraz', and tax cuts for billionaires.
-
5 explosively funny cartoons about the 4th of July
Cartoons Artists take on liberty and justice for all, a terrifying firework, and more
-
Jeff in Venice: a "triumph of tackiness"?
In the Spotlight Locals protest as Bezos uses the city as a 'private amusement park' for his wedding celebrations
-
Dollar faces historic slump as stocks hit new high
Speed Read While stocks have recovered post-Trump tariffs, the dollar has weakened more than 10% this year
-
Economists fear US inflation data less reliable
speed read The Labor Department is collecting less data for its consumer price index due to staffing shortages
-
Crypto firm Coinbase hacked, faces SEC scrutiny
Speed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
-
Starbucks baristas strike over dress code
speed read The new uniform 'puts the burden on baristas' to buy new clothes, said a Starbucks Workers United union delegate
-
Warren Buffet announces surprise retirement
speed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement
-
Trump calls Amazon's Bezos over tariff display
Speed Read The president was not happy with reports that Amazon would list the added cost from tariffs alongside product prices
-
Markets notch worst quarter in years as new tariffs loom
Speed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Tesla Cybertrucks recalled over dislodging panels
Speed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off