The U.S. Senate on Tuesday unanimously approved $484 billion in fresh relief for the U.S. economy and hospitals hammered by the coronavirus pandemic, sending the measure to the House of Representatives for final passage later this week.
The bipartisan bill 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.
- The bill includes an additional $310 billion for the Paycheck Protection Program, with $60 billion of that money reserved for smaller businesses without existing banking relationships.
- Another $60 billion ($50 billion in loans and $10 billion in grants) 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.
- The bill will also provide another $75 billion for cash-strapped hospitals and healthcare providers to help them cover the massive costs associated with responding to the virus.
- The bill allocates $25 billion for coronavirus testing—a major sticking point for both Democrats and Republicans during late-night negotiations on Monday. $11 billion of that money is earmarked for states and local governments to expand their testing capacity.
- Under the terms of the legislation, the federal government is required to develop a “strategic plan related to providing assistance to states for testing and increasing testing capacity.” State and local governments must also submit their testing plans for review.
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