The funds are being given to businesses in order to help them sustain their operations, following the COVID-19 outbreak. Both PayPal and Intuit issued statements on April 10, 2020 in which they confirmed that they will support the funds disbursement program after obtaining approval from the SBA.
The SBA is planning to issue USD 350 billion in emergency loans. However, US lawmakers and White House officials want to increase this amount.
Intuit will help distribute the money through its QuickBooks Capital subsidiary.
The SBA loan and relief program is part of the USD 2 trillion stimulus package that was signed into law by American president Donald Trump on March 27, 2020.
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