Congress has approved the latest federal stimulus package to help the nation’s response to coronavirus.
The version passed by the House on Thursday and the Senate earlier in the week is much more targeted than the $2.2 trillion CARES Act passed a few weeks ago. This package adds $310 billion to the Paycheck Protection Program, which offers loans to businesses that can turn into grants if employers keep their workers for two months and meet other criteria. It also adds money for hospital operations and virus testing.
The original $349 billion in the Paycheck Protection Program was claimed quickly, but the new round of funding may disappear faster — perhaps within three or four days once the program is revived. Millions of businesses that did not receive funding earlier have completed their applications and will file shortly after President Trump signs the bill.
