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

FILE PHOTO: U.S. Treasury Secretary Steven Mnuchin testifies before the Senate Finance Committee during a hearing on the President's FY2021 Budget on Capitol Hill in Washington, U.S., February 12, 2020. REUTERS/Yuri Gripas

“You get the money, you’ll get it the same day, you use this to pay your workers. Please bring your workers back to work if you’ve let them go,” Mnuchin said. It will allow banks to rely on certifications from borrowers, and reassures banks they will not be liable if borrowers break the rules of the program.

Then on Tuesday, the Treasury released a two-page document that appeared to contradict several items the banks thought they had agreed, leaving lenders on the hook for verifying the loans. The $349 billion government-guaranteed loan program is a centerpiece of the $2.2 trillion U.S. coronavirus rescue package. Depending on their size and payroll, owners of businesses can get loans of up to $10 million to cover about eight weeks of payroll and other qualified overhead expenses such as rent and utilities.

almond3131 So capitalism is printing currencies

And in India Modi tells people to light candles... LockdownWithoutPlan COVID19

This will really bring back the coal mines. Making Blacklung Great Again. If we're tossing billions, I'll take half of one to upgrade my pug scarecrow business. I got one to start off with. He'd be more effective if he had 5000 brothers.

It’s already broken

The federal reserve should be abolished

Launching? Just like space shuttle Challenger?

It would be considered as a noble decision by the U.S. administration to launch a nearly $350 billion loan program for small businesses to keep them from laying off employees during the economic shutdown. This fiscal stimulus will definitely gives impetus to revitalize the econ.

God bless you Sir

This is interesting. Kudos to president Trump.

. Keeping the names of these business away from the general public is a scam. NancyPelosiHerNamesOnMyCheck NancyPelosiHerNamesOnMyCheck NancyPelosiHerNamesOnMyCheck NancyPelosiHerNamesOnMyCheck NancyPelosiHerNamesOnMyCheck

tokyo governor advice people to StayHomeSaveLives to curb the spread of the virus Latest updates | cases per million population👇 CoronavirusPandemic COVID2019 LockdownQuery

Another vital relief element completely botched due to installing political hacks in critical positions.

Suddenly Microsoft, Amazon, Facebook, Google and Wal-Mart become small businesses.

Funny how in the US provided loans are paying staff they will be forgiven. Here they have no interest limits. Banks first people irrelevant just as always.

That’s not going to happen says the 4 banks!

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Lenders call on Washington for more clarity on small business rescue program a day before launch FridayLenders are still waiting on final rules from the U.S. government to help get its $350 billion rescue lending programs off the ground on Friday to shore up small businesses battered by the coronavirus pandemic. Dad says that Unemployment rate increased only in states affected by coronavirus, like NY, WA, NJ or FL but the rest of the states are doing well. Taco Bell’s, McDonald’s & other fast food restaurants are still open
Source: MarketWatch - 🏆 3. / 97 Read more »

U.S. small business bailout starts Friday. Is the government ready?Chris Hurn, founder of Fountainhead Commercial Capital, has received 7,400 small business loan requests in the past two weeks, more than his business has handled in its five years of existence. 🤣🤣🤣 Yeah, they start Friday... But no one will have money until later in the month. So that's fking moot. First off, how do they define smallbusiness
Source: Reuters - 🏆 2. / 97 Read more »

Lenders call on Washington for more clarity on small business rescue program a day before launch FridayLenders are still waiting on final rules from the U.S. government to help get its $350 billion rescue lending programs off the ground on Friday to shore up small businesses battered by the coronavirus pandemic. Dad says that Unemployment rate increased only in states affected by coronavirus, like NY, WA, NJ or FL but the rest of the states are doing well. Taco Bell’s, McDonald’s & other fast food restaurants are still open
Source: MarketWatch - 🏆 3. / 97 Read more »