Congress has reached an agreement to add roughly $484 billion to coronavirus relief aid — including $322 billion to the small business loan program that ran dry within two weeks.
"This bipartisan agreement will provide more than $320 billion in additional funding for the Paycheck Protection Program, which is already helping millions of small-business employees receive paychecks instead of pink slips," McConnell said in a statement."I welcome this bipartisan agreement and hope the Senate will quickly pass it once members have reviewed the final text."
President Trump tweeted earlier in the day that he plans to sign the bill and said the state and local money would be included in upcoming talks on the next round of relief. "Democrats flipped this emergency package from an insufficient Republican plan that left behind hospitals and health and frontline workers and did nothing to aid the survival of the most vulnerable small businesses on Main Street," House Speaker Nancy Pelosi, D-Calif., and Senate Minority Leader Chuck Schumer, D-N.Y., said in a joint statement.
The bipartisan deal came together after weeks of bickering between Democrats and Republicans over how big the package should be. Republicans wanted to keep the legislation tightly focused on a cash infusion for the Paycheck Protection Program — the small business loans that could be forgiven if the majority of the funds are spent on maintaining payroll.
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