The Small Business Administration has partnered with Amazon (Nasdaq: AMZN) and Microsoft (Nasdaq: MSFT) to help SBA distribute approximately $350B worth of loans to small companies as part of the Paycheck Protection Program, CNN reported Tuesday.
A source with knowledge of the matter described the collaboration as “unprecedented public-private partnership.”
The Paycheck Protection Program is part of the $2T stimulus package President Donald Trump signed into law Friday to mitigate the economic impact of the coronavirus pandemic. The loans to be doled out through the program seek to help small businesses keep their employees on payroll and pay rent and other utilities.
The office of inspector general at SBA has begun educating consumers, law enforcement officials and lenders about how to detect and prevent potential fraud schemes.
Treasury Secretary Steven Mnuchin said in an interview the loans to small businesses would be available as early as Friday.