Updated Apr 24, 2020 - Politics & Policy

Trump signs $484 billion interim coronavirus relief bill

Photo: Drew Angerer/Getty Images

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:

Note: Axios qualified for a loan under this program. More details here.

Go deeper

PPP failed to get money to industries and areas most in need

Data: U.S. Small Business Administration; Chart: Naema Ahmed/Axios

The Paycheck Protection Program (PPP) "appears to have missed the mark," S&P Global chief economist Beth Ann Bovino writes in a research report to be released today.

What it means: The PPP's first round largely skipped over states and industries that were the most in need, while the second round still has 39% of allocated cash remaining, even as many businesses are at risk of permanent closure.

U.S. coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios. This graphic includes "probable deaths" that New York City began reporting on April 14.

About 40.7 million Americans have filed for unemployment since the coronavirus pandemic began, including 2.1 million more claims filed from last week.

Why it matters: Even as states reopen their economies, Americans are still seeking relief. Revised data out Thursday also showed U.S. economy shrunk by an annualized 5% in the first quarter — worse than the initially estimate of 4.8%.

D.C. chef: Restaurants need more time to spend PPP money

Photo: Axios screenshot

Restaurants need more time to spend money they've received from the federal government's Paycheck Protection Program to ensure that the loans are forgivable, Kwame Onwuachi, owner and head chef of Kith and Kin, a D.C.-based restaurant, said during an Axios digital event.

Why it matters: Onwuachi said small restaurants are reaching the end of the eight-week time limit to spend the money. If they do not spend the money, the loans may not be forgiven.