Secretary of the Treasury Steven Mnuchin said he would get money to eligible persons as soon as possible.
But, of course, he’s the “government” and — yawn — who believes the GOVERNMENT?
First day report:
Loans made — 1,926 (as of today at 11:00 AM EST)
Funds disbursed — $756,985,761
Participating lenders — 245 banks
This element of the rescue is dealing with Main Street not Wall Street and your Big Red Car has to say: “Well played, Federal Government. Well played, Secretary of the Treasury Steven Mnuchin. Well played indeed!”
If you need a loan, go see your bank or a Small Business Admin approved lender. Do this now.
You can get up to 2.5X your payroll up to $10,000,000.
You can use the money for payroll, rent, mortgages, utilities, insurance, and other operating expenses.
If 75% of the money is spent to keep your work force employed — THE LOAN IS FORGIVEN.
The money is literally at the bank. GO GET YOURS, dear readers.
Thanks, President Trump. Thanks, Secretary Mnuchin.
Observation — meanwhile over at the House of Representatives, Speaker Pelosi and the inimitable Committee Chairman Adam Schiff have announced they are going to INVESTIGATE the Trump’s management of the COVID19 challenge. I’m sure that is going to put food on your table?
UPDATE: As of 5:00 PM EST, total funds committed: $3,500,000,000