The Senate passed a $484 billion package Tuesday to assist businesses, individuals, and the medical industry to deal with the economic and health-related issues brought by the coronavirus.
According to Politico, the agreement, which took two weeks to work out, will provide $310 billion for the Paycheck Protection Program, $60 billion of which will be used for minority businesses and small banks. Of that, $75 billion will go to hospitals and $25 billion is designated for coronavirus testing.
Also, $10 billion will be allocated for grants under the Emergency Economic Injury Disaster Loan program and $50 billion will go to disaster recovery loans. Additionally, $2.1 billion will be used for additional salaries and expenses for the Small Business Administration.
Senate Democrats blocked the Senate GOP’s initial deal of $250 billion for small businesses, demanding a broader package of aid that included millions of dollars for hospitals and states. Democrats fought for the guarantees after a few big businesses received bailout funds meant for small independent businesses, including Ruth’s Chris Steakhouse and Shake Shack.