President Trump signed a $484 billion emergency interim coronavirus relief package today in an effort to keep small businesses afloat, while also providing billions of dollars in aid to hospitals.
The bill passed the House on Thursday and the Senate earlier this week, with Trump ensuring that the package would be “great for small businesses” and “extend relief to thousands of African-American and Hispanic American business owners.”
The bill injects $310 billion into the Paycheck Protection Program (PPP), which allows businesses with fewer than 500 employees to receive loans to cover payroll and other expenses. Thirty billion is set aside for community-based lenders, small banks, and credit unions, while providing an additional $30 billion to mid-sized banks and credit unions.
It also provides $50 billion for the Small Business Administration’s (SBA) emergency disaster lending and $10 billion in SBA disaster grants, according to Fox News.
? SIGNED
— Senate Republicans (@SenateGOP) April 24, 2020
President @realdonaldtrump just signed Phase 3.5 of coronavirus relief legislation into law!
Here's what it includes:
+ $310B to refill the small business Paycheck Protection Program
+ $75B for hospitals
+ $25B for testing
More help is on the way. pic.twitter.com/s2BkQdZ9EM
Lawmakers are expected to propose a larger Coronavirus Aid, Relief, and Economic Security Act in the upcoming weeks, but there has been little agreement between Democrats and Republicans on what is to be included.
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