Businesses may get COVID-19 relief loans as soon as Friday

Posted at 5:14 PM, Mar 31, 2020
and last updated 2020-03-31 17:14:53-04

NEW YORK (AP) - Small businesses seeking loans through the government's $2 trillion coronavirus relief package could receive money as soon as Friday.

That prediction came Tuesday from senior administration officials who spoke to reporters about the details of the loan program.

Companies will be able to submit applications on Friday. Because the government is using an approval process that has been stripped down from the one used for traditional business loans, the money can be available to borrowers the same day, the officials said.

The officials spoke with reporters on the condition of anonymity because the details have not been officially made public.

The loans are available to small businesses ranging from sole proprietors and freelancers to companies with up to 500 employees.

The money is intended to help companies that suffered massive revenue losses due to the outbreak, including restaurants across the country forced to shut down. Companies can borrow money based on their payroll costs as well as their expenses for rent, mortgage interest and utilities.