Sports leagues throughout the U.S. attempting to retain employees affected by current work stoppages could get loans from the $2 trillion relief bill.
Sports franchises across the country could be getting some help from the federal government to keep hourly and low-salaried workers employed., President Donald Trump signed on Friday, $350 billion is set aside for small business loans. The money can be used to help business owners cover salary, wages, and benefits, worth 250% of an employer's monthly payroll, with a maximum loan of $10 million.
"You can go the bank and apply for this payroll protection loan, and they will loan you initially the amount of money for the average of your payroll over the last three months for all your employees making under $100,000," Cuban said at the virtual conference. "That's absolutely crazy, in a good way."
Cuban said the bill's option also helps cover utilities, rents, "plus some level of debt as long as that total is under $10 million" to smaller businesses, including major corporation franchises that have under 500 employees. According to an NBA source, some teams have already begun the process of determining eligibility for applying for the loan to help offset the cost of retaining employees.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Coronavirus Daily: Details Emerge On Senate's $2 Trillion Rescue Package on Apple PodcastsThe coronavirus economic rescue package would be the largest of its kind in American history. The Governor of New York says more is needed. Listen the NPR's 'Coronavirus Daily' podcast 👇
Read more »
What’s in the $2 Trillion Senate Coronavirus BillHere is a look at the major pieces of the package, and how households and businesses are set to benefit, based on where the legislation stood late Wednesday.
Read more »
Senate Passes $2 Trillion Coronavirus Relief PackageBREAKING: The Senate has passed a $2 trillion coronavirus relief package that includes direct payments to Americans, an expansion of unemployment insurance and aid to large and small businesses.
Read more »
Senate passes massive $2 trillion coronavirus spending billAmong other things, the legislation boosts unemployment insurance, sends checks to many Americans and bars Trump from receiving any aid.
Read more »
Senate approves historic $2 trillion stimulus deal amid growing coronavirus fearsJUST IN: The Senate has approved a historic $2 trillion stimulus package meant to provide a jolt to an economy reeling from the coronavirus pandemic. The measure now moves to the House.
Read more »
Senate passes historic $2 trillion stimulus package to curb effects of coronavirusSenate passes historic $2 trillion stimulus bill that includes $1,200 payments to individuals; plan now heads to the House
Read more »