Elaine Parker of Job Creators writes in Fox Business about how the legislative stimulus package passed on Friday helps small business – the backbone of the U.S. economy, employing nearly half the country’s workforce – with $349 billion in forgivable small business loans:
On Friday, the House of Representatives passed the CARES Act—a legislative package intended to soften the economic fallout of the coronavirus outbreak. The legislation is particularly beneficial to small businesses, which are in dire need of a lifeline amid the pandemic. President Trump is expected to sign the bill imminently.
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A number of provisions in the CARES Act aim to help struggling businesses and their employees who are laid off out of necessity. But perhaps the most helpful is the $349 billion in forgivable small business loans. The funds—coordinated by the Small Businesses Administration, but distributed through private banks—will give entrepreneurs much needed cash to keep payroll flowing, as well as cover rent, utilities and other overhead.
Most importantly, it will keep small businesses primed to reopen fully once the public health crisis subsides. Getting the economy moving at full-steam-ahead quickly will be critical in order to repel a lasting economic downturn. It’s not a bailout, but a strategy to extend the strong economy previously enjoyed by Americans to the post-coronavirus era.
Read the rest of the article here.