Businesses may get COVID-19 relief loans as soon as Friday

FILE: A closed sign at an Indianapolis business. (WTHR photo)

WASHINGTON (AP) - Small businesses seeking loans through the government's $2 trillion coronavirus relief package could receive money as soon as Friday.

That prediction came Tuesday from senior administration officials who spoke to reporters about details of the loan program.

Companies will be able to submit applications on Friday. With an approval process that's been stripped down from the one used for traditional business loans, money can be available to companies the same day.

The loans are available to small businesses ranging from sole proprietors and freelancers to companies with up to 500 employees.