FILE PHOTO: Treasury Secretary Steven Mnuchin addresses the daily coronavirus response briefing as U.S. President Donald Trump listens at the White House in Washington, U.S., April 2, 2020. REUTERS/Tom Brenner
On Friday millions of firms are expected to apply to lenders approved by the Small Business Administration for low-cost loans that the government says will be forgiven if employers keep people on their payroll through the end of June. A blanket provision of a $600 weekly unemployment benefit on top of each state’s replacement rate of lost wages, which averages about 45% up to a certain salary cap, was implemented by Congress to quickly make more workers whole on their lost paychecks.
Lenders have said they have been inundated as businesses seek a slice of the initial tranche of $350 billion the U.S. government has set aside. Each loan is capped at $10 million and will be distributed on a first-come, first-served basis.
Either this is another nail in stimulus coffin... nailing it shut before it got started...or Trump is playing both sides against the middle. He helps business cover the unemployment benefits with the stimulus check program which is dying an agonizing death as we speak ..😈
Because it was designed to only benefit the rich.
Everyone I know figured this out as soon as it was announced.
Why it's harder to rob the American people blind...
Chinesevirus
Because some big businesses employers want to make more money by this way. They don't care about their employees.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Source: Forbes - 🏆 394. / 53 Read more »