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Small business coronavirus loan program is ready, Mnuchin says as Chase raises concerns
Mnuchin, SBA administrator vow small businesses will be supported during coronavirus
Small Business Association Administrator SBA Jovita Carranza says small businesses play a vital role in the U.S. economy and explains the paycheck protection program and loans that will be distributed to those who need them. Treasury Secretary Steven Mnuchin says small businesses that have 500 or fewer employees should contact their lenders for benefits.
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Some banks have warned clients they may not be ready to accept loan applications for the $350 billion Paycheck Protection Program Friday, but Treasury Secretary Steven Mnuchin said Thursday that the program will be ready to begin providing funds to small business owners Friday.
Mnuchin’s reassurances came after JPMorgan Chase & Co told business clients that it was still waiting on guidance regarding the program and advised that the bank might not be able to begin accepting applications on Friday as officials have promised.
“Financial institutions like ours are still awaiting guidance from the SBA and the U.S. Treasury,” the bank said in a note to clients. “As a result, Chase will most likely not be able to start accepting applications on Friday, April 3rd, as we had hoped.”
However, Mnuchin said that officials would make good on their commitment to open the program on Friday. He said some businesses would receive the money the same day, but “that doesn’t mean everybody is going to be getting their loan tomorrow.”