SD legislators react to coronavirus rescue package
WASHINGTON — The two trillion dollar coronavirus rescue package was approved by the U.S. Senate unanimously Wednesday night.
Two trillion and two hundred thousand dollars in relief moves toward the house floor. But it could still be weeks before we see the help trickle down here at home. The bill offers aid to families through individual checks in a matter of weeks. But also help for small businesses, after a longer period of time. By maintaining payroll for eight weeks, small businesses could be eligible for loan forgiveness.
Sen. Mike Rounds said “It will also include the payment of your mortgage and mortgage interest and ongoing utilities”
Even for layoffs happening, it’s not too late for businesses to consider the program should it become law.
Sen. Rounds said “Even if you’ve laid off an employee now because you don’t have any work coming in the door, you can bring them back on board and go down to your local bank because a vast majority of the banks are going to be participating in this program with in about 2-3 weeks”
For furloughed or laid off employees, unemployment insurance may be more accessible.
Rep. Dusty Johnson said “You’re going to see benefits get higher during this difficult time, you’re going to see more people like independent contractors qualify and you’re going to see a longer duration of benefits before they time out.”
Also in the bill, 11 million in relief to tribes to provide similar relief to businesses and families.
The bill hits the house floor on Friday morning.