By Dana Sanchez
About half of U.S. small businesses hadn’t paid their April rent or mortgage in full by the third of the month as uncertainty spiked during the coronavirus pandemic shutdown, according to a Wall Street Journal survey.
More than 30 million small businesses in the U.S. employ 47.3 percent of the private workforce, according to the U.S. Small Business Administration.
Treasury Secretary Steven Mnuchin said that loans would be available for small businesses as part of the $2 trillion federal stimulus package. Applying is a “very simple process” Mnuchin said on March 25. Loans will be available by the end of next week that can be made and dispersed the same day.
However, the SBA website crashed under heavy usage and many users were unable to complete loan applications, New York Times reported. Those who did were told that they will take at least three weeks to process.
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