Sen. Coons: $350 billion ‘principally designed to put a floor under the restaurant and travel and hotel industries that are genuinely struggling.’
Sen. Coons has been leading negotiation to provide relief measures such as grants and SBA loan relief for small businesses and nonprofits
WASHINGTON — Today, U.S. Senator Chris Coons (D-Del.), Ranking Member of the Financial Services and General Government Appropriations Subcommittee, joined Bloomberg TV to discuss the latest efforts to provide small business relief in a third COVID-19 response package. Senator Coons has been advocating for a wide range of relief measures for small businesses and their workers including expanded unemployment insurance, new grants, and SBA loan relief.
“I have heard directly from friends, from constituents, from longtime colleagues and neighbors, who have had to make very hard decisions for their restaurants, for their hotels, for their long-established local business, for their regional businesses, by sending layoff notices or by holding back on them in hopes that we’re going to get this done today. This $350 billion fund is available to companies that employ 500 or fewer – even if that’s 500 in this location, 500 in this location but they have some interlocking ownership. It’s principally designed to put a floor under the restaurant and travel and hotel industries that are genuinely struggling, and the small businesses that so many of us are familiar with that of the backbone of restaurants and hotels," said Senator Coons. "Those loans will become grants to the extent they are spent sustaining payroll expenses, and there are provisions that allow companies to hire back people who were just let go. Part of the goal here is to keep people on health care through their employer. We also have robust unemployment insurance provisions for those folks who work for companies that don't see that they will be able to access these grants.”
Full video and audio available here.