Treasury makes coronavirus loan terms more unfavorable for small businesses
Paycheck Protection Program loans have a higher interest rate and shorter payback period for small businesses than originally stipulated.
Steven Mnuchin, U.S. Treasury secretary, speaks during a Coronavirus Task Force news conference at the White House in Washington, D.C., U.S., on Thursday, April 2, 2020.The Treasury Department changed the terms on some loans it'sThe loans at issue are being made through theThe program, which officially
In initial guidance, the Treasury Department had said banks would charge a 0.5% fixed interest rate and that a loan's unforgiven portion could be repaid over 10 years.
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