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5 d ago

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The key point here is that the loans are intended for business owners who agree to keep their payroll steady

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600 WREC

Automatic TRANSCRIPT

Things are going to help Americans real money real checks coming your way and unfortunately the people in Washington they kind of suck at their jobs and specifically talking about on the house side the Senate side DeMint Democrats holding this bill hostage on purpose I am trying to do everything they could to get pork barrel spending in it for social issues and things that they were obsessed with now with that being said let me give you some of the details okay of some of things are in this bill that you could argue are good things small business loan system layoffs another major part of this spending bill is a three hundred and fifty billion dollar loan program meant to be a lifeline for small businesses it's called the paycheck protection loans and the latest version of the bill the money could reach more than thirty million small businesses that employ an estimated fifty eight million workers that is at least the goal of the again this is the goal key word of the planned to get this money out to small businesses Republican senator Marco Rubio of Florida who worked on this provision said this week nearly half of America's private sector employees work at companies with less than five hundred workers small businesses can apply for low interest loans to cover up to two and a half months of payroll expenses including salaries sick leave and other compensation benefits the maximum loan amount is ten million the loans can cover payroll rent utilities or existing debt obligations interest rates on these loans will not exceed four percent the key point here is that the loans are intended for business owners who agree to keep their payroll steady meaning workers across the country could continue getting a regular paycheck so we're incentivizing are these small businesses to keep people employed and not lay them off our business will have to make a quote good faith their certification that the money will go towards retaining workers maintaining payroll or paying this necessary expenses like rent to keep their businesses open now there's a lot of questions you were asking right right well how much money can I borrow right like how much cash it in my going to be out again