The Senate passed a $484 billion package Tuesday to bolster small businesses and hospitals ravaged by the novel coronavirus pandemic and expand testing for COVID-19, according to CNBC.
After the unanimous Senate vote, the bill heads to the House, which aims to approve it by Thursday.
The measure injects another $310 billion into a key loan program designed to keep employees on small company payrolls. The initial $350 billion in the so-called Paycheck Protection Program, created as part of the $2 trillion rescue package passed last month, dried up last week. It is unclear how many firms have actually received the money.
The bill passed Tuesday allocates $60 billion for small lenders as part of the small business aid program, CNBC reported. It puts another $60 billion toward Small Business Administration disaster assistance loans and grants. It includes $75 billion in hospital relief and $25 billion for coronavirus testing.
The bill piles more money into an unprecedented government effort to relieve an economy and health care system devastated by the novel coronavirus outbreak. CNBC reported more than 22 million people filed for unemployment benefits over the latest four-week period as businesses in most of the country remain closed to slow COVID-19′s spread.
The small business loans, forgivable if recipients use the money for wages, benefits, rent and utilities, are designed to keep employees on payroll. The money dried up quickly, though, leaving numerous small businesses in limbo. The fact that some larger chain companies benefited from the first round of funding increased frustrations for firm owners who did not receive loans.