US small banks have processed more than 700 small business relief loans for US$2.5 million: Mnuchin

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U.S. Treasury Secretary Steven Mnuchin said on Friday that community banks have processed hundreds of small business loans aimed at shoring up the ...

U.S. Treasury Secretary Steven Mnuchin said on Friday that community banks have processed hundreds of small business loans aimed at shoring up the economy amid the global coronavirus pandemic, and sounded a positive note about a new program that lenders have greeted with skepticism.

FILE PHOTO: U.S. Treasury Secretary Steven Mnuchin testifies before the Senate Finance Committee during a hearing on Capitol Hill in Washington, U.S., February 12, 2020. REUTERS/Yuri GripasWASHINGTON: U.S. Treasury Secretary Steven Mnuchin said on Friday that community banks have processed hundreds of small business loans aimed at shoring up the economy amid the global coronavirus pandemic, and sounded a positive note about a new program that lenders have greeted with skepticism.

"The system is up and running. Community banks have already processed over 700 loans processed for US$2,500,000. Great work!!" Mnuchin wrote on Twitter."Large banks expected to go live soon this morning as well."

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