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The U.S. Small Business Administration will restart a government coronavirus relief loan program for small businesses next week with an additional $320 billion, after the first round of funding was exhausted in just 13 days.
The SBA will resume accepting applications for its Paycheck Protection Program at 10:30 a.m. New York time on Monday, the agency and U.S. Treasury Department said in a joint release.
“We encourage all approved lenders to process loan applications previously submitted by eligible borrowers and disburse funds expeditiously,” Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza said in the statement.
Many small business owners were shut out from financial aid after the initial program, launched April 3 with an initial $349 billion, was exhausted by April 16. Congress passed a relief bill that President Donald Trump signed Friday with more funding for the program and a separate disaster loan and grant initiative whose funding also expired last week.
28,819 in U.S.Most new cases today
-17% Change in MSCI World Index of global stocks since Wuhan lockdown, Jan. 23
-1.132 Change in U.S. treasury bond yield since Wuhan lockdown, Jan. 23
-0.5% Global GDP Tracker (annualized), March