The Senate on Tuesday passed a $484 billion Coronavirus bill for small business and hospital relief.
The Senate voted unanimously to pass the bill and it heads to the House which is expected to approve it by Thursday.
The bill injected $310 billion into the Paycheck Protection Program aimed at keeping employees on small business payrolls.
The first round of funding for the PPP ran out of money and Nancy Pelosi sat at home eating gourmet ice cream while millions of Americans lost their jobs.
The measure injects another $310 billion into a key loan program designed to keep employees on small company payrolls. The initial $350 billion in the so-called Paycheck Protection Program, created as part of the $2 trillion rescue package passed last month, dried up last week. It is unclear how many firms have actually received the money.
The bill passed Tuesday allocates $60 billion for small lenders as part of the small business aid program. It puts another $60 billion toward Small Business Administration disaster assistance loans and grants. It includes $75 billion in hospital relief and $25 billion for coronavirus testing.
The bill piles more money into an unprecedented government effort to relieve an economy and health care system devastated by the coronavirus outbreak. More than 22 million people filed for unemployment benefits over the latest four-week period as businesses in most of the country remain closed to slow Covid-19′s spread.
Senate Majority Leader Mitch McConnell (R-KY) blasted the Democrats on Tuesday ahead of the vote.
“I am just sorry that it took my colleagues in Democratic leadership 12 days to accept the inevitable, and that they shut down emergency support for Main Street in a search for partisan ‘leverage’ that never materialized,” McConnell said Tuesday.
Earlier Tuesday, President Trump urged Congress to come together to pass the Paycheck Protection Program and Health Care Enhancement Act.
….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
Let’s see how long Nancy Antoinette sits on this bill while small businesses struggle to keep afloat.