One of the goals of the White House’s decision to seek $300 billion for small businesses in the plan would be to help firms continue paying employees, as there has already been a wave of layoffs, particularly at restaurants and other companies where business was suddenly halted as millions of Americans began staying at home under government warnings about contagion.

The credits, which Treasury is calling “Small Business Interruption Loans”, would come with a 100 percent government guarantee. Eligible borrowers would have 500 or fewer employees, and the loan amounts would be targeted to finance six weeks of payroll, capped at $1,540 per week per employee. The loans would come from U.S. financial companies but would have U.S. government backing. The Treasury Department would have the power to issue regulations about interest rates and loan maturities.