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700-plus Small Business Relief Loans Processed, Mnuchin Says


FILE - Treasury Secretary Steve Mnuchin speaks with reporters about economic impacts of the coronavirus outside the White House, March 29, 2020, in Washington.
FILE - Treasury Secretary Steve Mnuchin speaks with reporters about economic impacts of the coronavirus outside the White House, March 29, 2020, in Washington.

U.S. Treasury Secretary Steven Mnuchin said on Friday that community banks have processed hundreds of small-business loans aimed at shoring up the economy during the global coronavirus pandemic, and he sounded a positive note about a new program that lenders have greeted with skepticism.

"The system is up and running. Community banks have already processed over 700 loans processed for $2,500,000. Great work!!" Mnuchin wrote on Twitter. "Large banks expected to go live soon this morning as well."

Mnuchin pressed ahead with launching the $349 billion rescue loan program after conceding to bank demands to fix aspects that might create legal and financial risks.

In the hopes of keeping small businesses afloat and their workers employed, the government created loans of up to $10 million to cover about eight weeks of payroll and some other expenses such as rent and utilities.

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    Reuters

    Reuters is a news agency founded in 1851 and owned by the Thomson Reuters Corporation based in Toronto, Canada. One of the world's largest wire services, it provides financial news as well as international coverage in over 16 languages to more than 1000 newspapers and 750 broadcasters around the globe.

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