ORANGE COUNTY, Fla. – A day before a historic program for small businesses is rolled out on Friday, Congresswoman Val Demings held a tele-townhall about the coronavirus.
“The CARES act is the largest relief package that this nation has ever seen. It’s $2.2 trillion, and so we are expecting some glitches tomorrow,” Rep. Demings said.
During a White House briefing on Thursday, Treasury Secretary Steven Mnuchin pledged economic relief is on the way for small businesses as promised.
The Treasury Department announced a $350 billion virus relief program to help small businesses survive the impact of the COVID-19 pandemic that will be launched for small business owners.
“You’ll get the money, you’ll get it the same day, use this to pay your workers. Please bring your workers back to work, you have eight weeks plus overhead,” Mnuchin said.
The rollout comes despite some skepticism banks and lenders have expressed about the record volume of applications expected.
The program is available to small businesses with 500 employees or less will allow businesses to apply for loans of up to $10 million to cover payroll.
“While we ask people to be patient I just want everybody to know we are working with lenders and state government and continuing to work in the federal government to make sure we smooth out the kinks in the process and get everything up and running,” Rep. Demings said.