As you read earlier, the Trump administration announced the launch of the Paycheck Protection Program on Friday. It is a $350 billion program under the recently enacted CARES Act created to provide eight weeks of assistance to small businesses. That is, businesses with less than 500 employees. Those loans will be forgiven if those businesses use the money to pay for rent, utilities, payroll, or the rehiring of employees.
And word spread quickly.
Congratulations to @SBAgov and @USTreasury teams!! I just got first report on #PPPloan The system is up and running. Community banks have already processed over 700 loans processed for $2,500,000. Great work!! #CARESAct #SmallBizRelief— Steven Mnuchin (@stevenmnuchin1) April 3, 2020
The rollout happened fast - faster than many thought it would. Even the media had to acknowledge the speed.
"It's pretty incredible how quickly these banks are rolling out these programs right now," a CNBC reporter said on Friday. "A process that would normally take many months, they've done it basically in a week."
CNBC says it's incredible #PaycheckProtectionPlan is up and running— Elizabeth Harrington (@LizRNC) April 3, 2020
"A process that would normally take many months, they've done it basically in a week"
Thank you @SBAgov and @USTreasury for working around the clock
$1.8 BILLION loans processed!pic.twitter.com/L8KWhsO4Ce
The administration is encouraging people to apply at sba.gov/coronavirus.
The CARES Act, signed into law by President Trump last week, is now the largest stimulus bill in U.S. history.
Senate Republicans are closely tracking the implementation of our historic CARES Act as the Administration puts it into effect for the American people. We are committed to supporting American workers, families, and small businesses as our nation confronts this historic emergency.— Leader McConnell (@senatemajldr) April 3, 2020