New stimulus for $484 billion replenishes small business loan program

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The Senate passed a $484 billion coronavirus phase 3.5 package Tuesday to help people and businesses struggling across the country.

The bill was passed on a voice vote on the Senate floor. Congress and the White House reached an agreement earlier Tuesday.

The legislation includes $310 billion for 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.

Senate Majority Leader Mitch McConnell said there isn’t enough money to keep up with the virus, we have to stop spending and look to opening up the country.

McConnell is also putting an end to long-distance legislating. There will be no more of these remote votes.


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