Small Business Lifeline Fund Proposal
A proposal has been introduced to the Senate Chamber that would establish a new fund to offer short-term and no-interest “bridge” loans to small business employers to continue payroll for workers amid the COVID-19 pandemic. The “Small Business Lifeline Fund” proposed by United States Senator Doug Jones from Alabama, would direct the funds through the small businesses payroll processing company.
Jones says the small business fund proposal would offer loans up to 75% of a business’ last 3 months of payroll, help alleviate pressure on the unemployment insurance program by keeping workers paid, along with other solutions. Jones believes that this fund will help get money in the hands of the workers who need it most.