Trump Signs $484 Billion Economic Relief Package for Small Businesses

A $484 billion Coronavirus relief package made its way through the House of Representatives on Thursday, and was signed by President Trump on Friday.

Almost $500 Billion for Small Businesses and Hospitals

The latest Coronavirus economic relief package that was signed by President Trump, includes $484 billion in aid for small businesses and hospitals. The bill was passed unanimously by the Senate on Tuesday, and with a 388-5 vote in the House on Thursday. The five lawmakers who voted against the package were Democrat Rep. Alexandria Ocasio-Cortez and Republican Reps. Andy Biggs, Jody Hice, Ken Buck and Thomas Massie.

House Speaker Nancy Pelosi expressed her pride in the fact that despite the parties’ differences, they are coming together on the relief packages, emphasizing that those in power hold responsibility, and “that science and governance are the answers to meeting the health care needs and meeting the needs of our economy as we go forward.”

The near-$500 billion package includes $321 billion for the new Paycheck Protection Program – one designed to help small businesses stay alive despite the ongoing crisis, with the program likely needing additional funding in the future, as it ran out of its initial $350 billion in just two weeks.

An additional $60 billion was secured by Democrats for smaller banks to assist businesses, largely owned by minorities, and another $100 billion for hospitals and expanding Coronavirus testing.

This marks the fourth Coronavirus relief bill since March 1, with all so far enjoying overwhelming bipartisan support, although that may change for the packages to come, as more and more signals are rising that lawmakers are retreating to partisan lines.

Senate Majority Leader Mitch McConnell is calling for a “pause” before Congress thinks about additional bills, saying it is unlikely for future legislation to pass unanimously, adding that he would be opposing no-strings-attached funding for states.

It’s likely that Democrats will be looking to get funding for state and local governments to make up for budget shortfalls, although dedicating money to that was denied in the latest fourth bill.