Coronavirus relief package will help give small business a boost

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WASHINGTON, DC – The recent coronavirus relief package passed in Washington includes 350 billion dollars earmarked for small business.

NewsChannel 34’s Morgan Wright shows us what small business and when the help promised by lawmakers will arrive.

Maryland Senator Ben Cardin says help is on the way for small businesses – hard hit by the pandemic.

{***Senator Ben Cardin, D/MD ***} We’re trying to keep people employed.

The President’s signature on the 2 trillion dollar economic relief package makes available 350 billion dollars for small businesses.

{***Senator Ben Cardin, D/MD ***} There are loans available that are forgiven that pay up to 8 weeks of payroll and additional expenses.

That loan forgiveness comes with a simple step.

{***Senator Ben Cardin, D/MD ***} They’re no conditions attached other than maintain your workforce.

{Senator Kirsten Gillibrand, D/NY} …meaning they just keep paying them during this crisis. We can make loans become grants, meaning they don’t have to pay them back.

New York Senator Kirsten Gillibrand says she recognizes that non-essential businesses across the nation have been forced to close – but keeping employees on payroll will help the economy recover.

{Senator Kirsten Gillibrand, D/NY} If they’re willing to just go the extra mile and to keep those employees paid they can get the money they need to stay open.

Lawmakers say the goal is for businesses to stay ready to bounce back as quickly as possible.

Steve Bulger with the Small Business Administration says — the money will be sent soon.

{Steve Bulger, Regional Administrator for Small Business Administration} The paycheck protection program will open on Friday.

Bulger says businesses should reach out to their banks now.

{Steve Bulger, Regional Administrator for Small Business Administration} the bank will make a calculation of how much they’re entitled to for the loan, they’ll immediately get the money

Bulger says if the loans are used correctly the business will be off the hook and the SBA will pay the bank back.

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