Mnuchin, SBA administrator vow small businesses will be supported during coronavirus

Small Business Association Administrator SBA Jovita Carranza says small businesses play a vital role in the U.S. economy and explains the paycheck protection program and loans that will be distributed to those who need them. Treasury Secretary Steven Mnuchin says small businesses that have 500 or fewer employees should contact their lenders for benefits.

The extraordinary measures needed to defeat the coronavirus have delivered a hard blow to American workers and our economy.

Less than a month ago – on March 6 – the Labor Department reported that the economy had once again exceeded forecasts by adding 275,000 jobs, with unemployment tying a 50-year low. Last week, we reported the loss of 701,000 jobs, and that more than 6.6 million Americans had filed for unemployment.

These sudden job losses are different from any period of high unemployment in the past. It does not result from any underlying weakness in the economy. Instead, it's the result of purposeful and short-term measures – a necessary pause – to protect public health.

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