Congress and the White House reached a deal Tuesday to inject an additional $484 billion into coronavirus relief efforts after negotiations between House and Senate leaders and Treasury Secretary Steven Mnuchin. Here's what's in the bill:
- $322 billion in additional funding for a small-business loan program that quickly reached its earlier $349 billion cap. This includes $60 billion to be specifically set aside for small lenders.
- $60 billion for small-business disaster loans and grants.
- $75 billion for hospitals.
- $25 billion for coronavirus testing, a point of contention for the administration.
The Senate passed the bill unanimously, by a voice vote, on Tuesday. The House is expected to vote on the package on Thursday.
The inclusion of funding for testing is a win for congressional Democrats, who had blocked an earlier version of the bill for not including funds for that or for hospitals and states. Republicans were, however, successful in delaying discussions of money for state and local governments, which Democrats had hoped to include.
President Trump on Tuesday tweeted his support for the bill and said that he expects to begin discussions on state support during the next wave of relief funding.
The additional cash infusion adds to an already-historic rescue package meant to cushion the blow of the economy-crushing pandemic. An earlier $2 trillion measure, known as the CARES Act, included cash payments for individuals, as well as funds for small businesses, corporations and public health.
Read the full text of the bill below:
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