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U.S. Sen. Todd Young (R-Ind.) says thousands of Indiana small businesses have been approved for disaster loans to help them survive the COVID-19 crisis.
Lauren Chapman/IPB NewsU.S. Sen. Todd Young (R-Ind.) says thousands of Indiana small businesses have been approved for disaster loans to help them survive the COVID-19 crisis.
Young says the U.S. Small Business Administration has approved nearly $6 billion in loans for Hoosier businesses, though the money hasn’t been distributed yet.
The senior Indiana senator says the SBA had to rapidly staff up to meet the increased demand for loans, which accounts for slow responsiveness in recent weeks.
“And as they do that, we’ve seen more banks participating, more credit unions, more online banks,” Young says.
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Federal stimulus checks to individuals are starting to go out now, payments of $1,200 per person. But there are reports banks and private debt collectors will seize that money to pay off debts. Young opposes that.
“That’s inconsistent with where we’re taking public policy," Young says. "So, if there’s an opportunity for me in a legislative capacity to address this, I’ll look forward to working with those impacted stakeholders.”
Young says people getting the stimulus money via direct deposit should expect to see the payments within the next several days. He says paper checks will take a few more weeks to arrive.
Contact Brandon at bsmith@ipbs.org or follow him on Twitter at @brandonjsmith5.
This is a rapidly evolving story, and we are working hard to bring you the most up-to-date information. However, we recommend checking the websites of the Centers for Disease Control and Prevention or the Indiana State Department of Health for the most recent numbers of COVID-19 cases.
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