The House of Representatives passed a $484 billion coronavirus phase 3.5 package Thursday to help people and businesses struggling across the country.
The bill previously passed the Senate on a voice vote Tuesday. Congress and the White House reached an agreement earlier Tuesday. The legislation includes $310 billion for 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. The House passed the bill on a 388-5 vote.
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).
Speaker of the House Nancy Pelosi (D-CA) and Senate Minority Leader Chuck Schumer (D-NY) hold a press conference on President Trump’s 2021 Budget Request on February 11, 2020 in Washington, DC. (Photo by Tasos Katopodis/Getty Images)
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. (RELATED: ‘It’s Time For Congress to Get Back To Work’ — Kevin McCarthy Writes Letter To Pelosi Detailing How To Reopen Congress)
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 now go to Trump’s desk for a signature.