The law provides clear guidelines on what small businesses are eligible, and what their loans will look like.
Any business with less than 500 employees is eligible for the loan. All states and territories are eligible. Self-employed individuals, independent contractors, and sole proprietors are also eligible.
More than 1,000 lending agencies will be participating in the program, according to a spokesperson for Senator Marco Rubio.The loan is forgivable, meaning it doesn’t have to be paid back, during what is called a “covered period.” This period is eight weeks, chosen by the small business owner and the lending agency, between February 15, 2020 and June 30, 2020.
All operating costs, including employee payroll , employee health care, interest on mortgage, rent, utilities, and debt payments are included. The quarterly payroll cost for an employee cannot be more than $33,333 . If the crisis continues longer than expected, the law can be amended and the time period extended, according to a spokesperson for Senator Marco Rubio. The eight-week period was determined in discussions with business industry leaders.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Venmo and Cash App want to distribute U.S. government stimulus paymentsThe cash apps want to be considered as a way for the federal government to distribute payments from the economic stimulus package to the public.
Baca lebih lajut »
EU to propose new post-virus economic stimulus packageThe European Commission will propose a new stimulus package to help the bloc recover from the economic damage caused by the coronavirus pandemic.
Baca lebih lajut »
Biden to Trump: 'Stop thinking out loud'Joe Biden urged the president to “stop thinking out loud and start thinking deeply” about his administration’s response to the coronavirus pandemic
Baca lebih lajut »
White House vows to start doling out emergency loans to small businesses this weekTrump administration officials vow to launch a massive new loan program for small businesses by Friday in a frenetic effort to prevent them from laying off...
Baca lebih lajut »
These $12 Shampoo Bars Changed My Entire Shower GameIn Good Times and Bad, These $12 Shampoo Bars Bring Me So Much Joy
Baca lebih lajut »
Private-jet companies could get billions in aid from coronavirus bailoutThe $2 trillion coronavirus relief package has several forms of aid for private-jet companies, including tax breaks, loans and loan guarantees.
Baca lebih lajut »