Yes. This is part of the United State's Main Street Lending Program, called the Paycheck Protection Program (PPP). The federal government is guaranteeing loans

Yes. This is part of the United State's Main Street Lending Program, called the Paycheck Protection Program (PPP). The federal government is guaranteeing loans made by private banks. This is taking time to work its way thorough the banks, as they try to understand their long-term legal obligations. In the mean time, some businesses are laying off or furloughing their employees so that their employees can get some money by claiming for unemployment benefits. Unemployment systems are established and somewhat functioning, unlike the loans, which probably need another week or two to start having an impact. Presumably, some of the workers will be recalled once loans are established. Edit: Removed redundant word.