Treasury Secretary Steven Mnuchin said Wednesday that he would return to Congress and request more money if the $350 billion loan program administered by the Small Business Administration runs out of funds.
“One of the things I’ve heard is this small business program is going to be so popular that we’re going to run out of the $350 billion. If that’s the case, I can assure you that will be at the top of the list for me to go back to Congress on,” he told CNBC.
The relief bill provides $350 billion to small businesses and other entities with zero-fee loans of up to $10 million to help cover payroll. These loans are available to businesses with 500 employees or less. The loans are forgivable to the extent that they are used to maintain payroll and pay other overhead.
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The loans are expected to be disbursed on a first-come-first-serve basis. Outside economists have said that the $350 billion allocation is much less than will be needed by small businesses looking to retain their workers.
Mnuchin, on Monday, said that small business loans included in the coronavirus relief bill enacted late last week would be available to small business owners on Friday.
“I’ve said these loans will be available starting on Friday, which will be at lightning speed. We hope later today that we’ll be releasing the documents and the instructions,” Mnuchin told Fox Business.
