The bill will replenish funds for emergency small business lending programs and hospitals. It also shores up funding for national coronavirus testing.
After days of tense debate, Senate lawmakers on Tuesday passed a bipartisan bill worth some $480 billion that would replenish funds for emergency small business lending programs and shore up national coronavirus testing as a stopgap ahead of another round of major relief legislation. Here’s what’s in the interim bill, and what lawmakers left out. $310 billion
for the Paycheck Protection Program, with $60 billion of that money reserved for smaller businesses without existing banking relationships. is also set aside for the Economic Injury Disaster Loan fund, which is administered directly by the Small Business Administration rather than banks. Farms and other agricultural programs are now eligible for those funds.for cash-strapped hospitals and healthcare providers to help them cover the massive costs associated with responding to the virus.
Notably absent from the agreement is more funding for state and local governments, which had been key priority for Democrats. Democrats had also pushed for expanded funding for the Supplemental Nutrition Assistance Program —Republicans blocked that provision in the final bill,Lawmakers have been scrambling to pass supplemental economic rescue legislation after the Paycheck Protection Program, one of the cornerstones of the $2 trillion CARES Act, exhausted its $350 billion in funding last Thursday after less than two weeks.
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