And even then, it is still a loan until the business owner proves the proceeds were used to pay rent and salaries - proof that can be disallowed if the government is suddenly short on funds.
All of the paperwork and proof burden remains on the borrower. Given the time frame, employees still have to be furloughed first - and then brought back later once the government gets its act together.
>>>won’t even be ready until Friday, and then who knows how long it will actually take to actually process the millions of applications and fund the loans? May? June?
Processing and funding should be quick. The only thing the banks have to do is confirm the business was operating on February 15 and how much employee payroll costs amount to.