Senate Passes $480 Billion Stimulus Package Deal To Help Small Businesses

The Senate has passed on a new $484 billion package relief bill for small businesses, hospitals, and health care providers facing crisis amid the coronavirus pandemic.

On Tuesday, Congressional leaders and the White House agreed on a $484 billion pandemic fund that will help small businesses facing financial crisis and funding for COVID-19 testing and hospitals. Earlier on Tuesday, Bloomberg reported that Trump confirmed he would sign the bill and start a conversation about the next round of stimulus. “After I sign this Bill, we will begin discussions on the next Legislative Initiative with fiscal relief … to State/Local Governments for lost revenues from COVID 19, much-needed Infrastructure Investments for Bridges, Tunnels, Broadband, Tax Incentives for Restaurants, Entertainment, Sports, and Payroll Tax Cuts to increase Economic Growth,” said Donald Trump in a tweet urging Congress to approve the package.

The Senate reconvened at 4 p.m. on Tuesday for a pro forma session about replenishing the Paycheck Protection Program. Trump previously tweeted that he’s hoping the Senate will pass the bill, which is now set to move on to the House of Representatives. “I urge the Senate and House to pass the Paycheck Protection Program and Health Care Enhancement Act with additional funding for PPP, Hospitals, and Testing,” said Trump in another tweet. Trump and the negotiators will figure out additional funding for state and local governments during the session, according to CNN.

The 25-page legislative document includes a $310 billion program that was created to help fund employee and company payrolls, according to CNBC. The previous Paycheck Protection Program included $350 million as a part of the $2 trillion relief package that was passed last month, which ran dry last week. The bill that was just passed will give small lenders $60 billion within a small business aid program. Another $60 billion will go toward Small Business Administration disaster assistance loans and grants, which includes $75 billion in hospital relief and $25 billion for coronavirus testing.⠀⠀⠀⠀⠀⠀⠀⠀⠀

The small business loans will only be forgiven if recipients use it for wages, benefits, rent, and utilities; the document states that the program is specifically for keeping employees on the payroll.