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https://msn.com/en-us/news/politics/whats-in-the-nearly-dollar500-billion-deal-to-protect-small-business-from-coronavirus-fallout/ar-BB130flqThe centerpiece of the deal is additional funding for the Trump administration’s Paycheck Protection Program (PPP) aimed at small businesses. The $349 billion initially allotted for the program ran out of money last week after just 13 days because of outsized demand.
The plan includes $25 billion that will, according to the bill text, help “research, develop, validate, manufacture, purchase, administer, and expand capacity for COVID-19 tests.” The money will be divided between states and federal agencies.
$60 billion for the SBA’s Economic Injury Disaster Loan program -- The deal includes money for another Small Business Administration lending program, called Economic Injury Disaster Loans (EIDL). This program is designed to provide loans as well as up to $10,000 in immediate cash advances to businesses.
$75 billion for hospitals -- The bill specifies that the funds can be used both to respond to coronavirus and also help make up for “lost revenues that are attributable to coronavirus.”
The money is intended to be a bridge between the CARES Act, signed into law on March 27 and a Phase 4 deal that could be weeks away and might include a range of controversial issues like vote-by-mail and infrastructure spending.
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