U.S. Senator Bill Cassidy talks to us about the relief bill signed into law designed to help individuals and businesses impacted by the coronavirus epidemic. It’s called the CARE’S Act. The Senator says not only does the bill allow for small businesses to recoup their losses, it makes the process of applying for the aid a lot easier.
“An expedited way to borrow money from the Small Business Administration… a small business can borrow up to two and a half times their average monthly payroll, up to ten million dollars total. The portion of the SBA loan they use for payroll, rent, mortgage, or utilities will be forgiven,” said Senator Cassidy during a Facetime interview.
Cassidy also predicted that individuals will get their checks the first week of April. He said the legislation was written so that retired and unemployed people would be eligible for that relief funding as well.
Individuals, or business owners can find more information on the CARES Act on his website Cassidy.senate.gov