MORGANTOWN, W.Va. — U.S. Sen. Shelley Moore Capito, R-W.Va., explained the federal relief to small businesses in an interview Tuesday with WAJR-AM’s “Talk of the Town with Dave & Sarah.”
The U.S. Small Business Administration’s Economic Injury Disaster Loan program will offer working capital loans to businesses with 500 employees or fewer.
The $350 billion program was included in the third coronavirus bill President Donald Trump signed last week
According to Capito, financial institutes will be the sources of the loans.
Businesses can receive funds within three days of an accepted application.
“When we go back to life as normal — which it would be nice to do that tomorrow, but whenever that is — even if it’s different normal, they’ll still be connected,” she said.
Small businesses will be required to report daily operating costs for the past year before a forgivable loan could be approved.
Capito said most of the costs of doing business over eight weeks would be forgivable. She also noted there will be early frustrations because banks are still receiving updates on how to operate the program.
“That will be up and running rapidly,” she added.