Congress passed a bill that would provide more funding for businesses, hospitals, and medical testing during the COVID-19 crisis. President Donald Trump is scheduled to sign the bill, worth $484 billion, on Friday.
The Washington Times reported:
Anchoring the bill is the Trump administration’s $250 billion funding request to replenish a fund to help small- and medium-size businesses with payroll, rent and other expenses. The payroll program provides forgivable loans so businesses can continue paying workers while forced to stay closed for social distancing and stay-at-home orders.
It also contains $100 billion demanded by Democrats for hospitals and a nationwide testing program, along with a $60 billion set-aside for small banks and an alternative network of community development banks that focus on development in urban neighborhoods and rural areas ignored by many lenders. There’s also $60 billion for small-business loans and grants delivered through the Small Business Administration’s existing disaster aid program.
The Paycheck Protection program ran out of money, and the Washington Times noted that the new infusion of funding from this bill will go quickly as well. The program works as an incentive for eligible businesses to keep employees on the payroll. They may apply for a loan of up to $10 million for payroll and other expenses.
President Trump signed the Coronavirus Aid, Relief, and Economic Security Act into law in March. The $2 trillion measure provided, among other things, stimulus checks to individuals and families, loans and tax credits for businesses, and expanded unemployment insurance.