Businesses may get COVID-19 relief loans as soon as Friday

President Donald Trump signs the coronavirus stimulus relief package, at the White House, Friday, March 27, 2020, in Washington, as from left, Treasury Secretary Steven Mnuchin, Senate Majority Leader Mitch McConnell of Ky., House Minority Kevin McCarthy of Calif., and Vice President Mike Pence, look on. | Source: AP Photo / Evan Vucci

NEW YORK (AP) — Small businesses seeking loans through the government’s $2 trillion coronavirus relief package could receive money as soon as Friday.

That prediction came Tuesday from senior administration officials who spoke to reporters about the details of the loan program.

Companies will be able to submit applications on Friday. Because the government is using an approval process that has been stripped down from the one used for traditional business loans, the money can be available to borrowers the same day, the officials said.

The officials spoke with reporters on the condition of anonymity because the details have not been officially made public.

The loans are available to small businesses ranging from sole proprietors and freelancers to companies with up to 500 employees.

The money is intended to help companies that suffered massive revenue losses due to the outbreak, including restaurants across the country forced to shut down. Companies can borrow money based on their payroll costs as well as their expenses for rent, mortgage interest and utilities.

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