On Tuesday, the Senate passed a $484 billion relief package to bolster the small business aid program, pay for Coronavirus testing and help hospitals deluged by sick patients. The bill is on its way to the House, where it is expected to pass. President Trump has already indicated that he will sign it into law.
The legislation includes $320 billion for the Paycheck Protection Program, which was designed to help struggling small businesses keep their workers on the payroll. Just last week, this program exhausted all of the funds, $350 billion, initially allocated to it.
This legislation follows last month’s massive $2.2 trillion stimulus bill, The CARES Act. The previous stimulus bill included free virus testing, up to 12 weeks of paid family and sick leave for some workers, and bolstered unemployment and food stamp aid.
Lawmakers are already considering another stimulus package, but don’t plan to make any decisions on that until Congress is back in session. They are expected to return to Washington on May 4. Lawmakers are seeking more aid to state and local governments, Coronavirus caregivers, and possible for workers at grocery stores, drugstores and others providing needed good and services to the American public.
Here is a full breakdown of what this new bill will cover:
- $320 billion allocated for the Paycheck Protection Program
- $60 billion will be set aside for underbanked businesses
- $30 billion in loan funds for banks and credit unions with $10-$50 billion in assets
- $30 billion in loan funds for even smaller institutions
- $60 billion in loans and grants will go to economic disaster relief
- Farms and ranches are now eligible for the loans
- $75 billion will go to hospitals
- A significant portion of this will be aimed at rural areas
- $25 billion will go to bolster Coronavirus testing
- $18 billion will go to states, localities, territories, and tribes
- $1 billion will go to the CDC
- $1.8 billion will go to the National Institutes of Health
- Up to $1 billion will cover the costs of the uninsured
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