WASHINGTON (Reuters) – U.S. Treasury Secretary Steven Mnuchin said on Friday he expects all large U.S. banks to be participating in a newly launched, $350 billion small business coronavirus rescue loan program by next week, with community banks issuing most of the loans so far.

Mnuchin told Fox Business Network in an interview there was “plenty of money left” in the program and businesses facing issues with applications had plenty of time to do so.

Reporting by David Lawder; Editing by Chris Reese

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

What Would Have Happened If China Never Went Communist?

In December 2018, China celebrated the fortieth anniversary of Deng Xiaoping’s 1978 announcement that the Chinese Communist Party would set the country in a new direction toward reform and opening. Coming after thirty years of real socialism—during which factories were…

Fed policymakers say pickup in infections slowing U.S. economic recovery

NEW YORK (Reuters) – A resurgence in coronavirus cases is slowing the economic recovery and the disease will continue to weigh on the U.S. economy and American life until at least the end of next year, two Federal Reserve policymakers…

Hundreds of journalists are being laid off, right when the public needs them the most

New York (CNN Business)2020 was supposed to be a banner year for digital media. BuzzFeed, Group Nine, and Vice each indicated that this year they would be profitable, a long-elusive goal for an industry bedeviled by diminishing ad dollars. But…

Oil prices inch higher on output cut support, but U.S. coronavirus spike caps gains

MELBOURNE (Reuters) – Oil prices cautiously rose in early trade on Tuesday with major producers sticking to supply cuts, but gains were capped as U.S. coronavirus cases surged, potentially hampering a recovery in fuel demand. U.S. West Texas Intermediate (WTI)…