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Susan Walsh/AP PhotoTHE CUT
The Senate approved a bipartisan a near $500 billion bill to fuel another $310 billion into the Paycheck Protection Program, and $50 billion to the Economic Injury Disaster Loan program Tuesday afternoon.
Senate Majority Leader, Chuck Schumer and Speaker of the House said they are “proud” of the bill. "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," they said.
On CNN’s “New Day,” Chuck Schumer said “There are still some more i's to dot and t's to cross, but we have a deal,”
"I know that Mnuchin and Meadows were in good touch with Leader McConnell and with the president as we went through this, so, yes, I believe we have a deal,"
The deal, which includes an expansion of funding for PPP, a popular program that provides loans for smaller businesses also includes $125 billion would be used to help “unbanked”, minority-owned, and rural business.
Representative G.K. Butterfield of North Carolina told journalists that $60 billion dollars will be available for those underbanked businesses as well as $100 billion for businesses and hospitals, saying a large portion will be used for rural hospitals.
President Trump said on Twitter that he “urges the Senate and House to pass the Paycheck Protection Program and Health Care Enhancement Act with additional funding for PPP, Hospitals, and Testing.”
He also says that when he signs the Bill the federal government will begin discussions for fiscal relief to local and state governments after losing revenue due to the outbreak.
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