JofA article by Jeff Drew & Ken Tysiac
The Senate has approved a coronavirus pandemic relief bill that includes hundreds of billions of dollars in additional funding for small businesses, the bulk of which would go to the Paycheck Protection Program. The House is expected to vote on the bill Thursday.
The Senate on Tuesday approved $370 billion in additional funding for small businesses through programs administered by the U.S. Small Business Administration (SBA) as part of a new COVID-19 pandemic relief bill.
The relief bill passed in the Senate and moves to the House, which will convene to consider the package, with a vote expected Thursday. President Donald Trump said in a tweet that he would sign the legislation.
The $484 billion bill also includes an additional $75 billion for reimbursements to hospitals and health care providers to support the need for coronavirus-related expenses and lost revenue. Funding of $25 billion for coronavirus testing expenses also is included.
Most of the funds administered by the SBA, $310 billion, will replenish the Paycheck Protection Program (PPP), which provides forgivable loans to certain types of businesses struggling as a result of the pandemic.