(NewsReady.com) – After two weeks of back and forth between Republicans and Democrats, the interim stimulus has passed. Congress approved the $484 billion coronavirus package as it continues to deliberate over the Phase 4 bill. The primary focus of the latest spending bill is to aid small businesses during the COVID-19 pandemic.
In addition to businesses, the bill, or“Phase 3.5” stimulus as it’s referred to, will help hospitals.
NEWS, as I just reported on @CNBC:
Breakdown of deal reached to expand small biz funding —
– $250B for PPP
– $60B for banks with <$50B in assets
– $60B SBA disaster relief
– $2.1B for admin of SBA programs
– $75B for hospitals
– $25B for testing, incl. $11B for states
— Kayla Tausche (@kaylatausche) April 21, 2020
The legislation easily passed the required two-thirds mark with 388 votes for, 5 against, 1 present, and 35 not voting.
Republicans wanted this package to solely focus on small businesses. They were ready to pass a bill with $250 billion in small business aid last week. Unfortunately, Democrats held it up.
Treasury Secretary Steven Mnuchin stepped in to work out a deal. President Trump signed the bill at noon on April 24.
~Daily News for Busy People!
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