03/27/20
Rachel Bovard, senior policy director at the Conservative Partnership Institute, said on Friday that Congress’s massive $2.2 trillion coronavirus stimulus package could come too late for many small businesses, particularly restaurants.
The bill, which passed in the House on Friday and is set for President Trump’s signature soon, includes hundreds of billions of dollars in loans for small businesses.
Bovard said that firms will be able to access these loans and that money used to supplement payroll, rent and utilities will be forgiven, but added that many small businesses have already closed their doors.
“For restaurants, in particular, they can only sustain two or three weeks without being open,” Bovard told Hill.TV.
“Congress could’ve acted quickly, they didn’t, and we’re seeing the economic effects,” she said.
Because of the outbreak, restaurants and bars all over the country have been forced to completely shutdown or move to a takeout-only model.
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