WASHINGTON, DC -- Treasury Secretary Steven Mnuchin says more than 2.2 million small business loans have been sent out through the Paycheck Protection Program meant to aid businesses during the coronavirus outbreak.
The average loan was about $79,000 dollars and $60 million people will be get paid through PPP, Mnuchin said yesterday on Fox Business.
Mnuchin added that there were some hiccups with the distribution system because there is higher demand for loans from the Small Business Association.
He says the bipartisan congressional funding was not really designed to give small businesses loans, because they were really designed as grants if the businesses use the 75 percent of the money to pay their employees.
Mnuchin says small businesses can dip into the additional $350 billion Congress approved for that sector for overhead, but these will be 30-year loans that will not be forgiven.
Office Pro Inc., a local office tools training company, was the recipient of one of these loans.
Aaron Udler, President of Office Pro Inc., speaks with 104.7 WONK FM's Jen Richer about what that loan means for the future of his company here: