With $349 billion in emergency small business capital cleared, SBA and Treasury begin unprecedented public-private mobilization effort to distribute funds

WASHINGTON – Following President Donald Trump’s signing of the Coronavirus Aid, Relief and Economic Security Act, SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin announced recently that the SBA and Treasury Department have initiated a robust mobilization effort of banks and other lending institutions to provide small businesses with the capital they need.The CARES Act establishes a new $349 billion Paycheck Protection Program. The program will provide much-needed relief to millions of small businesses so they can sustain their businesses and keep their workers employed.“This unprecedented public-private partnership is going to assist small businesses with accessing capital quickly. Our goal is to position lenders as the single point-of-contac