According to the borrower’s fact sheet, if a company has already laid off staff, it will have until June 30 to rehire them in order to qualify for the program.
SBA figures show that 99 percent of U.S. businesses fall below the law’s 500-employee threshold, and up to 47.5 percent of workers could benefit. If all small businesses applied, however, economists estimated costs would be more than double the $ 349 billion affected by the economic bailout law.
Last week, President Nancy Pelosi suggested another bill would be needed, saying more funds were needed to treat the coronavirus, increase food stamps and save state and municipal budgets blown up by declining prices. tax revenue and the cost of responding to contagion.
President Donald Trump appeared to endorse another emergency response plan on Tuesday, tweeting: “With interest rates for the United States being at ZERO, now is the time to make our bill on long awaited infrastructure for decades. It should be VERY BIG AND BOLD, two trillion dollars, and focus only on jobs and rebuilding our country’s old infrastructure! Phase 4 “
Other Republicans, including House Minority Leader Kevin McCarthy and House Financial Services Ranker Patrick T. McHenry, played down the idea, saying they preferred to wait and see how the legislation of phase three was working before working on another pandemic response package.