House passes $484 billion coronavirus stimulus package for small businesses and hospitals, bill now heads to President Trump for approval
WASHINGTON – The House approved a nearly half-trillion emergency bill Thursday that provides more funds for struggling hospitals and will rescuethat was quickly depleted by companies impacted by the coronavirus pandemic.
The measure will now head to President Donald Trump for his signature. The president has signaled he was ready to approve the bill., which was halted last week after dispersing all of its initial $349 billion. The bill would provide $320 billion to revive the program, which offers loans to small businesses. Those loans can be forgiven by the government if at least 75% of the money goes to keeping employees on the payroll, basically amounting to grants for businesses.
Of the small business funds, $60 billion would be set aside for community-based lenders, smaller banks and credit unions to assist smaller businesses that don't have established relationships with big banks and had a harder time accessing the funds in the first round of loans. The measure would bolster the Small Business Administration's disaster loan and grant programs, which also dried up.
The legislation includes $75 billion to help overwhelmed hospitals and $25 billion for a new coronavirus testing program, two provisions Democrats pushed for in negotiations. Senate Minority Leader Chuck Schumer, D-N.Y., said the testing funds was one of the last pieces agreed to and require the administration to produce a national plan on how it will increase testing across the country.
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