A deal on additional funding for the Small Business Administration’s (SBA) Paycheck Protection Program (PPP), between Senate Majority Leader Mitch McConnell, Speaker Pelosi and the White House, has finally been reached.
The package is expected to include $310 billion for the program; it is said to include $25 billion for testing and $75 billion for hospitals. These stipulations were demanded by Democrats, who held up the funding for over two weeks.
JUST IN: Deal to expand virus aid includes $250B+ for the PPP program, $60B more for small lenders, $60B in disaster relief loans, $75B+ for hospitals, and $25B for testing – sources (via @KaylaTausche) https://t.co/yFFst2rZCs pic.twitter.com/ghk8UnpdXm
— CNBC Now (@CNBCnow) April 21, 2020
Here’s what’s in the deal: pic.twitter.com/7QhAmXjB7x
— Manu Raju (@mkraju) April 21, 2020
Breakdown of funds:
The vast majority — $310B — is for replenishing the PPP. Roughly $60B of that total will be allocated to small lenders and community banks. The rest includes …
– $60B for EIDL
– $75B for hospitals.
– $25B to expand testing https://t.co/LdSWJ0ZcdS
— Alayna Treene (@alaynatreene) April 21, 2020
This deal took weeks to reach as Democrats held up the funding, hoping to include unrelated, political pork barrel in the final legislation. Leader McConnell commended the bipartisan cooperation, even if it took far too long:
McConnell on deal on next coronavirus bill: I am just sorry that it took my colleagues in Democratic leadership 12 days to accept the inevitable, and that they shut down emergency support for Main Street in a search for partisan ‘leverage’ that never materialized.
— Chad Pergram (@ChadPergram) April 21, 2020
I am encouraged that Democrats have finally agreed to reopen the Paycheck Protection Program and abandon a number of their unrelated demands. My full statement on Congress’s new bipartisan agreement to provide additional small-business support, more funding for testing, and more: pic.twitter.com/nDnhxbs9KB
— Leader McConnell (@senatemajldr) April 21, 2020
The Senate is slated to pass the deal during a pro-forma session at 4p.m. on Tuesday.
Ok … NOW Coronavirus deal is done. But all 100 senators are now being asked for consent to pass bill at 4 p.m.
According to summary, it has
-$310B+ for PPP
– $60B for small biz grants and loans
– $75b for hospitals
– $25b for testinghttps://t.co/5pKghvrb3N@heatherscope
— Burgess Everett (@burgessev) April 21, 2020