How the business loan program would work in the $2T coronavirus package

The final version of the $2 trillion coronavirus stimulus bill devotes hundreds of billions of dollars in support of loans to companies that are intended to keep them from failing and laying off workers.

The bill includes a variety of mechanisms for businesses of different sizes. Among the most important is a $367 billion program aimed at keeping the country’s unemployment rate from skyrocketing.

“We have never done anything like this before,” said Sen. Pat Toomey (R-Pa.), a conservative who would not normally be expected to back a $2 trillion spending bill. “The idea is to encourage these companies to keep workers on the payroll.” Continue reading.