Home » Economy » House to vote on $484B coronavirus relief bill to replenish small-business fund
House to vote on $484B coronavirus relief bill to replenish small-business fund
Trump, Mnuchin think new PPP will pass the House on Wednesday
President Trump and Treasury Secretary Steven Mnuchin discuss the details of the new Paycheck Protection Program funding deal.
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House representatives are voting Thursday on a $484 billion coronavirus relief package that will boost the tapped-out small business loan program, the latest effort by lawmakers to bolster the stalled U.S. economy.
The package, which passed the Senate on Tuesday and will head to President Trump for his signature after the House approves it, includes $310 billion for the Paycheck Protection Program, established to help small businesses maintain workers on their payroll during the virus outbreak.
There is also $75 billion for hospitals, with a special focus on those in rural areas, $25 billion to expand testing for COVID-19 and $60 billion in loans and grants for a separate Economic Injury Disaster Loan program.
It will add to the already unprecedented levels of federal spending. Last month, Congress passed the $2.2 trillion CARES Act, which first created the $349 billion Paycheck Protection Program.
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