The bill would provide about $ 300 billion to help small and medium-sized businesses with wages and overhead costs through the Small Business Association’s paycheck protection program, which ran out of money last week.
The measure will also provide $ 100 billion to hospitals and a national screening program. About $ 60 billion will also be provided to small banks and community development banks, as well as about $ 60 billion for grants and loans through the Small Business Administration’s disaster assistance program.
The House voted 388-5 on Thursday to approve the measure after the Senate passed it earlier this week.
“Today’s historic bipartisan vote on our latest #FamiliesFirst package is essential to protecting families across America and ensuring that more small businesses have access to the resources they need.” With my signature, this legislation goes to the president’s office, “wrote House Speaker Nancy Pelosi (D-California) in a declaration.
The latest round is in addition to the CARES Act’s $ 2.2 trillion stimulus package, which has allocated up to $ 1,200 for individuals and $ 500 for children. Small businesses and hospitals, respectively, were allocated $ 350 billion and $ 100 billion for the first time in the previous stimulus bill.
Trump celebrated the passage of the bill in his daily White House update on Thursday, saying, “At a time when many Americans are facing significant economic challenges, this bill will help small businesses keep millions of workers on the payroll. “
As of Friday morning, more than 800,000 cases of the CCP (Chinese Communist Party) virus have been confirmed in the United States, as well as 50,000 deaths from the virus, according to a running count at Johns Hopkins University. In an attempt to slow the spread of the virus, the country’s governors have issued home maintenance orders, resulting in numerous closings and layoffs.
This week, the Labor Department reported that more than 25 million people have applied for unemployment insurance in the past few weeks.
“Millions of unemployed people,” Pelosi said in the house Thursday. “It’s really a very, very, very sad day. We come to the ground with almost 50,000 dead, a large number of people affected and the uncertainty of all of this. We hope to reach a recovery phase soon. But right now, we are still in the process of mitigation. “
Some members of the House and the Senate have said that more relief from the CCP virus is likely in the coming weeks, as supporters said the payment protection program would almost certainly run out of money almost immediately. The Treasury Department said more than 1.6 million loans had been made in the past week.
“This bill is 16 days too late,” said representative Kevin Brady (R-Texas) on Thursday. “It was delayed for all kinds of extracurricular things and we should have gotten together. This has been delayed. Real people have lost their jobs as a result. “