Rep. Brett Guthrie said small businesses should be able to start receiving government-backed loans through the massive federal coronavirus relief package this week.
But the timeline for individuals to receive checks included in the bill has not yet been set.
Guthrie spoke to reporters Thursday morning about the $2.2 trillion CARES Act, which was signed into law earlier this week. The bill contains funds to keep small businesses paying salaries and meeting other expenses, and will deliver checks to qualifying individuals and some dependent children. It also provides supplemental unemployment dollars to people who have lost jobs during the outbreak.
“We just had 6 million people lose their jobs this week,” Guthrie said. So the process of filing for unemployment benefits “is being overwhelmed as well,” he said.
Guthrie said small businesses should be able to get eight-week loans to cover expenses such as salaries and rent beginning April 3.
The loans will be secured by the Small Business Administration but will come directly from banks, Guthrie said. Businesses with under 500 workers quality for the small business loans.
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Written by James Mayse. Cross-posted via the Kentucky Press News Service.
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