Congress and the White House reached an agreement Tuesday on the latest coronavirus bill aiming to help people and businesses across the country.
The legislation includes roughly $470 billion in relief funds — $310 billion will go to the Paycheck Protection Program (PPP), which White House officials told the Daily Caller will feature $60 billion carved out for institutions with less than $50 billion in total assets.
Of that group, $30 billion is reserved for companies with less than $10 billion in assets, while the remaining $30 billion will be attributed to companies with assets ranging between $10-50 billion. Furthermore, the $60 billion reserved for the Economic Injury Disaster Loan program (EIDL) will be split into loans ($50 billion) and grants ($10 billion).
Additionally, the bill includes $75 billion in relief for hospitals and $25 billion for more testing. Before the agreement was announced, President Donald Trump sent out a tweet with his approval of the bill, urging Congress to pass it.
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. After I sign this Bill, we will begin discussions on the next Legislative Initiative with fiscal relief….
— Donald J. Trump (@realDonaldTrump) April 21, 2020
….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.
— Donald J. Trump (@realDonaldTrump) April 21, 2020
House Speaker Nancy Pelosi (D-CA) speaks during a news conference with Senate Minority Leader Chuck Schumer (D-NY) following an announced end to the partial government shutdown at the U.S. Capitol January 25, 2019 in Washington, DC. (Photo by Zach Gibson/Getty Images)
The Senate passed the $2 trillion emergency relief package March 25 to address the coronavirus pandemic after debate from both parties. That package passed the Senate 96-0. (RELATED: Senate Finally Passes $2 Trillion Coronavirus Emergency Relief Package)
The latest legislation will have to pass both chambers before going to Trump’s desk for a signature.
