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President Trump signed a $484 billion interim coronavirus relief bill on Friday that will add another $310 billion to the small-business Paycheck Protection Program (PPP), as well as provide billions in aid to hospitals and for testing.
What's next: Now that the bill has been signed into law, Congress and the Trump administration will focus on how quickly that money, particularly the replenished PPP funds, can get out the door.
- Conversations over a much larger phase-four deal are also underway, but there is division over what that bill should look like.
- Senate Majority Leader Mitch McConnell (R-Ky.) has indicated that, unlike the interim bill, any new stimulus measure must be negotiated in person.
- He's also thrown cold water on the push to deliver more funding to state and local governments — a top Democratic demand — instead saying they should file for bankruptcy protection if needed.
- Meanwhile, Democrats have laid out several other priorities for a phase-four bill, including more funding for rental assistance, election integrity, a Heroes’ fund and the U.S. Postal Service.
The big picture: House members returned to Washington for a vote on the bill Thursday, passing it 388-5.
- Reps. Andy Biggs (R-Ariz.), Ken Buck (R-Colo.), Jody Hice (R-Ga.), Thomas Massie (R-Ky.) and Alexandria Ocasio-Cortez (D-N.Y.) were the five "no" votes.
- Rep. Justin Amash (I-Mich.) voted "present."
Details: The vast majority of the funds — $310 billion — is for replenishing the PPP, which dried up last week. Roughly $60 billion of that total will be allocated to small lenders and community banks. The rest includes:
- $60 billion for the Economic Injury Disaster Loan program, which reaches communities and small businesses in underserved areas.
- $75 billion for hospitals.
- $25 billion to expand testing.
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