US Treasury Secretary Steven Mnuchin speaks during the daily briefing on the novel coronavirus, COVID-19, at the White House on March 25, 2020, in Washington, DC.The small business measures aim to help companies cover payroll and other expenses during the punishing outbreak. Firms with fewer than 500 employees can use the money to cover salary, wages and benefits, with a maximum loan of $10 million or 250% of monthly payroll.
The loans will be available through Small Business Administration approved lenders. Payments will be deferred for six months, and companies can apply for forgiveness on at least part of what they borrow. Companies can get the loans forgiven if they use the funds on pay, rent, mortgage or utilities, but the amount forgiven gets reduced if businesses cut jobs or reduce pay.
So in a few weeks ?
John Oliver will play Steve Mnuchin in the new OFF OFF Broadway: The Life Of A Con Man... Starring Donald Trump
Can you ask him if they are going to think about loosening the time table on the 8 week period of forgiveness? Many can’t rehire yet b/c they are under state/local orders to not open. Money could be more effective if the 8 week period could be delayed further into Q2.
How much money is this fool pocketing for his retirement?
Since the bailout of the big corporations is done, let’s now think about the real engines of our economy.
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The guy who said 2 billion was all the administration needed 3 weeks ago...
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