President Donald Trump signed legislation providing $484 billion on Friday, to replenish a popular small business lending program and support hospitals and COVID-19 testing amid the coronavirus pandemic.
What We Know:
- The new measure is broken down as: $310 billion in funding for the Paycheck Protection Program (PPP), $60 billion of which is reserved for community banks and small lenders; $75 billion for hospitals; $25 billion to support testing efforts; and $60 billion for emergency disaster loans and grants.
- The legislation came out of several days of negotiations between Treasury Secretary Steven Mnuchin and congressional Democrats. The Senate passed the bill in a voice vote on Tuesday, with the House following suit on Thursday in a 388-5-1 vote that saw lawmakers wearing masks and voting in groups after Republicans demanded a floor vote.
- “I want to thank Congress for answering my call to pass this critical funding,” Trump said Friday in the Oval Office. He said the more than $300 billion to replenish the PPP would help “keep millions of Americans on the payroll”.
- The president was joined Friday by Mnuchin, Vice President Pence, Small Business Administration Head Jovita Carranza, as well as a handful of GOP lawmakers including House Minority Leader Kevin McCarthy.
Congress was urged to swiftly pass legislation replenishing funds for the PPP, which ran out of money last week. After days of negotiation, Democrats successfully pushed for more funding for hospitals and testing, but the final package did not include additional funding to help struggling states.
