Wow. Mind boggling numbers
Senate Passes $484B Relief Bill That Includes $310B More In PPP LoansThe Senate has passed a new $484 billion coronavirus relief package, including more than $300 billion in additional funds for the Paycheck Protection Program (PPP) designed to bail out small- and medium-sized businesses (SMBs), according to CNBC.
The plan will now go to the House of Representatives, which is expected to give its approval by Thursday.
President Donald Trump and congressional Democrats agreed to the measure on Tuesday, according to The Washington Post.
Under the terms of the agreement, the measure will provide the U.S. Small Business Association (SBA) with another $310 billion for the popular PPP program, which Uncle Sam designed to provide forgiveness loans to SMBs. Congress and Trump originally funded the PPP initiative with $349 billion, but the program ran out of money after just 13 days, and many SMBs got nothing.
In addition to $310 billion for PPP, the new aid package includes a separate $60 billion for emergency SMB grants and loans. The agreement also contains $75 billion for hospitals and $25 billion to fund a new coronavirus testing program.
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