Treasury Secretary Steven Mnuchin said he expects details will be released soon on how small businesses disrupted by the coronavirus pandemic can tap a new loan program Congress passed last week, the Wall Street Journal reported. The roughly $2 trillion economic relief package President Trump signed into law on Friday includes nearly $350 billion in loans for companies with fewer than 500 employees, which will be administered by the Small Business Administration. Mnuchin said in an interview with Fox Business Network that he expected the loans to be available starting Friday, “which will be at lightning speed.” He said the Treasury Department that hoped to release documents and instructions soon on how businesses can apply for the funds. Small-business owners can go to any of the existing SBA lenders, as well as any FDIC-insured institution, credit union or financial-technology lender that has signed up for the program, he said.
