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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