Senate Approves $484 Billion More in Aid for Small Businesses, Hospitals, COVID-19 Testing
The Senate has passed an estimated $484 billion infusion of funds for small businesses, hospitals, and COVID-19 testing as the economy continues to reel from the pandemic.
Here's What's In the Bill
A large portion of the deal, $310 billion, would go toward small-business loans and a fund called the Paycheck Protection Program, which provides struggling small businesses with temporary cash flow.
Of those funds, $125 million would go "exclusively to the unbanked, to the minorities, to the rural areas, and to all of those little mom-and-pop stores that don't have a good banking connection and need the help," Schumer told CNN.
The deal comes after Trump requested an additional $250 billion for the small-business-payroll program as a supplement to the government's $2.3 trillion coronavirus economic-relief plan that passed last month. Funding for the payroll program has already been exhausted.
Another $25 billion has been allocated for enhancing testing capabilities, with $11 billion going to the states, CNN reported.
In addition to small-business loans, the deal would give $75 billion to healthcare providers. The bill defines eligible providers as "public entities, Medicare or Medicaid enrolled suppliers and providers, and such for-profit entities and not-for-profit entities … that provide diagnoses, testing, or care for individuals with possible or actual cases of COVID–19."