CHRISTIAN DATOC AND HENRY RODGERS
CONTRIBUTORS
Congress and the White House reached an agreement Tuesday on the latest coronavirus bill aiming to help people and businesses across the country.
The legislation includes roughly $470 billion in relief funds — $310 billion will go to the Paycheck Protection Program (PPP), which White House officials told the Daily Caller will feature $60 billion carved out for institutions with less than $50 billion in total assets.
Of that group, $30 billion is reserved for companies with less than $10 billion in assets, while the remaining $30 billion will be attributed to companies with assets ranging between $10-50 billion. Furthermore, the $60 billion reserved for the Economic Injury Disaster Loan program (EIDL) will be split into loans ($50 billion) and grants ($10 billion).
Additionally, the bill includes $75 billion in relief for hospitals and $25 billion for more testing. Before the agreement was announced, President Donald Trump sent out a tweet with his approval of the bill, urging Congress to pass it.
I urge the Senate and House to pass the Paycheck Protection Program and Health Care Enhancement Act with additional funding for PPP, Hospitals, and Testing. After I sign this Bill, we will begin discussions on the next Legislative Initiative with fiscal relief….
— Donald J. Trump (@realDonaldTrump) April 21, 2020
….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
The Senate passed the $2 trillion emergency relief package March 25 to address the coronavirus pandemic after debate from both parties. That package passed the Senate 96-0. (RELATED: Senate Finally Passes $2 Trillion Coronavirus Emergency Relief Package)
The latest legislation will have to pass both chambers before going to Trump’s desk for a signature.
– CHRISTIAN DATOC AND HENRY RODGERS
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