System to Aid Small Businesses Affected by COVID-19 Launches
A new system to help ailing small businesses in the wake of the COVID-19 pandemic launched April 8, according to an article in Reuters. The U.S. government has approved a $350 billion program to help move small businesses along during these uncertain times.
Small businesses affected by the coronavirus are eligible to apply for government-guaranteed loans with participating banks, which is where the $350 billion will be allocated toward. According to Reuters, parts of the loans will be forgiven, should the money be used to cover employee salaries (conditions permitted).
There are still bugs and errors to work out through the new program, but getting everything running was the first priority. Republican Senator Marco Rubio said new guidelines will likely be administered April 14 to tie up any loose ends.
"The rollout...has not been 'flawless' & the glitches have not been 'minor'. But they also aren't insurmountable," Rubio tweeted.
—Christie Citranglo, editorial associate