U.S. Sen. Bob Casey, D-Pennsylvania, said the goal of a provision in the $2 trillion federal COVID-19 rescue package to get funds to small businesses is putting an emphasis on speed to get the money where it’s needed quickly.
Some $350 billion has been earmarked for low-interest loans for business. While there is no formal application process in place yet, Casey said loans are expected to be made directly through local banks rather than being funneled through agencies like the U.S. Small Business Administration.
“It’s not meant to be a process that small business are used to,” he said during a conference call with the press Wednesday afternoon. “It’s meant to get them the money quickly.”
He said once the funding bill is officially passed and signed by the president, an application process will be set up and more information will be released on the SBA website.