April 27, 2020—On Friday, President Donald Trump signed into law a $484 billion COVID-19 relief package in an effort to provide aid to small businesses and the healthcare system. Congress signed off on the package a day earlier.
The new relief package, which is $484 billion, includes $320 billion for the Paycheck Protection Program and small business loans, some $10 billion for grants under the Emergency Economic Injury Disaster Loan Program and around $50 billion for disaster recovery loans, according to Business Insider.
The new deal will also provide $75 billion for hospitals and health care providers to address coronavirus expenses and lost revenue, with an additional $25 billion to facilitate and expand COVID-19 testing, according to multiple reports.
The House passed the bipartisan bill on Thursday, with four Republicans and one Democrat voting against it. The Senate passed the legislation by voice vote on Tuesday. Lawmakers are still expected to propose a follow-up to the larger Coronavirus Aid, Relief, and Economic Security Act in the coming weeks, though Republicans and Democrats have struggled to come to an agreement on exactly what should be included.
For a breakdown on the latest round of funding, click here.
