Relief for small businesses and families affected by the coronavirus is on the way.
Indiana restaurants and most businesses have been shuttered after dozens of people in the state became sick and died from the virus.
The U.S. Senate approved the $2 trillion relief package early Thursday morning. The legislation must be approved by the House of Representatives and then signed into law by President Trump.
The bill allows small businesses with less than 500 employees to take out a loan of up to $10 million.
“It’s the belief of the Secretary of the Treasury that by the end of next week, we could see the small businesses be able to receive those loans from banks or credit unions,” Young says.
Young’s office says the loans may be used for employee health benefits, payroll, utilities, rent and mortgage interest.
It cannot be used to make mortgage payments.
Farmers are also eligible to apply for the loans, of which interest will not exceed 4% according to the legislation.
The loans are forgiveable if they are used for qualifying expenses, according to the legislation.
Young says he believes that individual Hoosiers will get direct cash payments from the government by April 6 th, as planned by the Trump Administration.
Those cash payments are $2,400 for couples, $1,200 for individuals and $500 per child.
Senator Young says he’s not sure if the entire country can be open by April 12 th like President Trump wants.
“There’s a real possibility that regions of the country, will be regarded as lower risk, for example our rural areas, and be treated differently than say an area like New York City," he says.
Young says it's possible Congress could pass another stimulus package if the economic crisis worsens.
