MINNEAPOLIS (WCCO) — Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, projects tough times ahead — barring a healthcare miracle.
Kashkari said it will be hard for small businesses until an effective therapy or vaccine for COVID-19 emerges.
The Small Business Administration has started issuing checks as part of its $350-billion paycheck protection program, but Kashkari warned that money will not be enough to help everyone.
“We don’t know how if this support is going to be long enough, because if we need to have different phases of shutdowns for the next several months, or until we have a therapy or vaccine, they’re going to need more help than that,” Kashkari said.
He praised Congress for its aggressive approach to helping businesses.
The loan program opened on Friday. Some business owners say the process is confusing, and they’re worried the money could run out before they finish their applications.