WASHINGTON: U.S. Treasury Secretary Steven Mnuchin said he was pressing ahead with the Friday launch of a US$349 billion coronavirus rescue loan program for small businesses despite confusion over last-minute final rules and lenders unprepared to approve applications.
"Financial institutions like ours are still awaiting guidance from the SBA and the U.S. Treasury," JPMorgan Chase & Co said in an email on Thursday to small business customers on Thursday. The US$349 billion government-guaranteed loan program is a centerpiece of the US$2.2 trillion U.S. coronavirus rescue package. Depending on their size and payroll, owners of businesses can get loans of up to US$10 million to cover about eight weeks of payroll and other qualified overhead expenses such as rent and utilities.