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Treasury and SBA announce CARES PPP funds process

SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin yesterday announced 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 (PPP). The PPP will provide much-needed relief to millions of small businesses so they can sustain their businesses and keep their workers employed.

PPP loans can be applied for beginning April 3, at any SBA-approved lender. Lenders that are not already SBA-approved can apply for an expedited approval.

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