A major component of the USD 2.2T coronavirus relief package approved by Congress last week is the USD 350B small business financing. Treasury Secretary Steven Mnuchin said today that the loans will be available starting on Friday, and the sign up would be “very, very easy”.
He expected that the program would cover around 50% of the private workforce. And, “if we run out of money, and this is a huge success, we will absolutely go back to Congress and ask for more money.”
Meanwhile, he said, “I expect that with all of this liquidity we’re putting into the economy to get through the next couple of months, when we reopen, we’ll be ready and the economy will surge back.”