On April 21, The U.S. Senate reached a deal on a $484 billion funding package, to expand the popular Paycheck Protection Program, and increase funding for U.S. health systems, and expand COVID-19 testing and contract tracing capabilities. The funding package will now move to the U.S. House of Representatives, and is expected to receive a vote by Thursday morning this week.
Specifically, the package includes funding for the following:
$310 billion for the Paycheck Protection Program, with $60 billion dedicated to small lenders to address the needs of small businesses and nonprofits who may have been overlooked initially;
$50 billion for the Small Business Administration’s Economic Injury Disaster Loan program;
$10 billion for the Small Business Administration’s Economic Injury Grant Program;
$75 billion in emergency funding for hospitals
$25 billion for disease testing
U.S. Senate Majority Leader Mitch McConnell signaled on a Tuesday interview that the full Senate must be in session before Congress considers a fifth funding package. The Senate is anticipating being called back to session for May 4th.