Banks stand to collect billions of dollars in fees on the $350bn in loans that are being offered to US small businesses as part of the federal response to the coronavirus pandemic.
Under the $2tn relief package signed into law by Donald Trump on Friday, the Small Business Administration will offer the loans through banks and credit unions to cash-strapped businesses employing under 500 people.
The full amount of the loan will be forgiven if it is used for payroll, mortgage interest, rent or utilities in the two months after the money is received. Less will be forgiven if the employees are sacked or salaries cut.
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