A second federal coronavirus aid package, that could provide another $450 billion, may go to the U.S. Senate for a vote Monday (today), and to the House of Representatives Tuesday or Wednesday.
It would add money to the small-business loan program that ran out of money before it had helped many local businesses despite lending $349 billion, add $75 billion to help straining hospitals, $25 billion in funding for COVID-19 testing and hospitals, $19 billion for ranchers, farmers and food banks.
Treasury Secretary Steven Mnuchin said Sunday he was hopeful a deal could pass Congress quickly and get the Small Business Administration program back up by midweek.
“I think we’re very close to a deal today. I’m hopeful that we can get that done,” he said.
President Trump and Senate Minority Leader Chuck Schumer both reportedly said a deal could be reached after dealing with “a few details.”
Under this second relief deal, the Paycheck Protection Program, swamped by companies applying for loans up to its limit last Thursday after approving nearly 1.7 million loans, would get another $300 billion. An additional $50 billion would be earmarked for disaster loans.
Additional aid to state and local governments would be left out because of the rift between large, high-tax states like California and New York and smaller states with Republican leadership.
“The president is willing to consider that in the next bill, but wants to get this over the finish line with a focus on small businesses, hospitals and testing,” Mnuchin said.
