US small businesses seek $5.4 billion in relief loans

Small and medium-size US businesses have applied for more than $5.4 billion in government-backed loans as a key pillar of the country's coronavirus relief plan took effect, the Trump administration said.
Jovita Carranza, who heads the federal Small Business Administration, said late Friday on Twitter that 17,503 companies - those with 500 or fewer employees - had filed applications through local banks for loans totaling more than $5.4 billion. Friday was the first day the companies were able to apply for the money, intended in large part to help them pay employees' salaries.
Companies that receive the money and do not fire their workers - or that otherwise re-hire those they have laid off - will have their debt forgiven.