A bit of relief this afternoon as the Senate agreed to a $484 billion coronavirus aid package. It passed the Senate just after 5 pm eastern time.
Most of the funding, more than $300 billion, would go to boost a small-business payroll loan program that ran out of money last week. An additional $75 billion would be given to hospitals, and $25 billion would be spent to boost testing for the virus, a key step in building the confidence required to reopen state economies.
Politico points out that some of the loopholes that allowed big businesses to get the loans meant for small businesses have been closed. That includes “$60 billion is set aside for underbanked businesses, a priority for Democrats.” They quote Rep. G.K. Butterfield (D-NC) as saying:
“The large banks have tended to favor preexisting relationships, particularly those who have existing loans with the banks, and that is discriminatory.”
Another part of the aid package that Democrats reportedly pushed for involved coronavirus testing. CNBC writes:
The bill grants $75 billion for hospitals and $25 billion for coronavirus testing. Out of the testing funding, $11 billion would go to states, the people said. The remaining funds would go to agencies like Centers for Disease Control and Prevention and the National Institutes of Health. Up to $1 billion may be used to cover the costs of testing for the uninsured.
And it looks like this deal is supported by the president.
