Starting today, small businesses can apply for the nearly $350 billion in loans available through the economic rescue plan from Congress. Here's what you need to know 👇
In addition, some banks initially said that they might not want to participate because of unattractive loan terms laid out by the SBA. The Independent Community Bankers of America sent a letter this week to SBA Administrator Jovita Carranza and Treasury Secretary Steven Mnuchin laying out its concerns, one of which was the low 0.5% interest rate initially set by the SBA, even though the act said interest rates could be as high as 4%.
"Community bank lenders cannot 'break even' with such a low rate of interest, and for many it will not be economic or feasible to participate in the program," wrote ICBA CEO and President Rebeca Romero Rainey. At a Thursday White House press briefing, Mnuchin said the interest rates would now be set at 1%, citing some small banks' concerns.Here's what we do know: Friday is when the program opens. Administration officials have said they're hopeful that businesses will be able to apply for and get their money within the same day. Whether that is feasible will quickly become clear once things get rolling.
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