Friday, April 24, 2020

House approves a nearly $500 billion coronavirus relief bill. Here's what's in it

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A popular small-business loan program that closed last week when it ran out of money is about to get a cash infusion.
The House approved legislation Thursday that would pump $320 billion into the Paycheck Protection Program, which is designed to keep small businesses from shuttering and their workers from going on unemployment during the coronavirus pandemic. The Senate approved the bill Tuesday.
Other programs would get money under the bill. The $484 billion legislation includes funding for hospitals that have been overwhelmed during the crisis and money for a coronavirus testing program.
Here’s a look at what’s in the bill:
Small-business loans
The Paycheck Protection Program was created under a $2.2 trillion package that President Donald Trump signed into law in late March to help Americans recover from the economic fallout of the coronavirus pandemic. That bill allocated nearly $350 billion for the program, which provides low-interest loans to small businesses. The program proved so popular that it quickly ran out of money and was forced to shut down last week.
The latest legislation would provide more than $320 billion to replenish the program and get it running again.
About $60 billion of the funding for the program would be set aside for community-based lenders, smaller banks and credit unions to assist smaller businesses that don't have established relationships with big banks and had a harder time accessing the funds in the first round of loans. About $10 billion would be allocated for administration fees.
Hospital funding --->
Read the rest of the story HERE

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