The House on Thursday passed a potential $484B emergency relief package that would provide additional funds for small businesses and expand COVID-19 testing efforts amid the coronavirus pandemic, The Hill reported Thursday.
The measure brings the country’s total coronavirus pandemic response dollars to approximately $2.8T and includes $310B in additional funds for the Paycheck Protection Program, $75B for hospitals and $25B for COVID-19 testing.
The package for PPP includes $60B for emergency business loans and grants and another $60B for small lenders and community banks that tend to support firms in underserved areas, including women- and minority-owned small businesses.
The Senate on Tuesday unanimously approved the measure, which is now headed to the White House for President Donald Trump’s signature.
Treasury Secretary Steven Mnuchin announced Sunday that the White House and Congress were close to reaching a deal on an economic relief package that would include a funding boost for small businesses through PPP.