Small business funding: What’s in the new relief package?



The deal has support from President Donald Trump, who urged lawmakers to pass it quickly. The Senate is set to convene Tuesday afternoon for a vote.

According to a section-by-section analysis of the bill obtained by CNN, the agreement includes:

— $310 billion for the Paycheck Protection Program and small business loans, bringing the total authorized aid to $659 billion;

— $60 billion for smaller lending facilities, including minority depository institutions, certified development companies and credit unions;

— $10 billion for grants under the Emergency Economic Injury Disaster Loan program;

— $50 billion for disaster recovery loans;

— $2.1 billion for additional salaries and expenses for the Small Business Administration;

— $75 billion for hospitals and health care providers to support for Covid-19 expenses and lost revenue from canceled elective surgeries and other procedures;

— $25 billion for research to develop, validate, manufacture, purchase and administer Covid-19 tests, including $11 billion for states to expand lab capacity;

— $6 million to cover Health and Human Services inspector general oversight.

This is a breaking story and will be updated.



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