Mnuchin says small business rescue loans launch Friday, despite lender confusion - News Daily

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Thursday, April 2, 2020

Mnuchin says small business rescue loans launch Friday, despite lender confusion

By David Lawder WASHINGTON (Reuters) - U.S. Treasury Secretary Steven Mnuchin said he was pressing ahead with the Friday launch of a $349 billion coronavirus rescue loan program for small businesses despite confusion over last-minute final rules and lenders unprepared to approve applications. Mnuchin told a White House briefing on Thursday that the Treasury and the Small Business Administration had decided to double the interest rate on the loans to 1% from 0.5% previously so that small banks with higher deposit costs don't lose money

The post Mnuchin says small business rescue loans launch Friday, despite lender confusion appeared first on Firstpost.



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