As the nation is crippled by the Coronavirus pandemic, millions of small businesses are faced with a difficult decision; pay their employees or pay rent. In an interview with Fox News, Secretary of the Treasury, Steven Mnuchin, said starting this Friday, loans for small businesses and companies will be available at "lightning speed." Businesses who have less than 500 employees are eligible to apply through the Small Business Administration or any other FDIC-insured institution to receive the loan.
With the White House extending social distancing guidelines until the end of April, these loans will provide small businesses across the United States with resources to pay their employees and the rent which is due on April 1. Mnuchin added, if this program is successful, then they will ask Congress for additional funding. In this time of uncertainty, one thing is certain, this will be a pivotal moment for millions of small businesses; determining whether their doors will reopen or remain closed indefinitely.
https://www.wsj.com/articles/small-business-loans-expected-to-start-friday-mnuchin-says-11585577658
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