Small businesses shuttered by coronavirus countermeasures can start applying for emergency loans to cover payroll and other costs as soon as Friday, according to Treasury Department guidance.
The Treasury published fact sheets for lenders and borrowers Tuesday for the $349 billion Paycheck Protection Program that was part of the $2.3 trillion economic lifeline package enacted March 27.
The program is relying on the Small Business Administration’s existing network of around 1,800 banks and credit unions in its Section 7(a) loan guaranty program to provide small businesses forgivable loans to cover payroll and other fixed costs while government COVID-19 containment measures shut down large swaths of the economy. Continue reading.