Implementation of the program will begin on April 3.
The office of small business Affairs and the US Treasury Department has begun implementing one of the provisions of the law on emergency assistance and economic security in connection with the coronavirus signed by President Trump, actively mobilizing banks and other credit institutions to provide the necessary capital for small businesses. This is stated in a statement from the Ministry of Finance.
The law signed by Trump provides for the implementation of a Program to protect the payment of 349 billion dollar wages. Thanks to this, the necessary assistance will be provided to millions of small entrepreneurs who will be able to support their business and the employment of their employees.
“The law provides for loans to hold jobs in small businesses, ensuring that wages and overheads ar
e paid within eight weeks to keep workers employed,” Treasury Secretary Steven Mnuchin said, adding that the Department and the small business Administration must launch the program no later than April 3.
After the program is put into effect, businesses can contact the banks and credit organizations participating in the program and apply for a loan. Applications will be approved on the day of application, and loans can be forgiven if the company’s employees receive a salary.
“This unprecedented public-private partnership will help small businesses quickly gain access to capital,” said Jovita Carranza, head of the small business Administration. According to her, the main thing in this program is efficiency. Thanks to the program, more than 30 million small businesses across the country will be able to receive the necessary assistance.