Senate Passes Additional $484 Billion in Coronavirus Emergency Relief Funding
Funding reinforces critical Paycheck Protection Program for American small businesses
Today, Senator Richard Burr (R-NC) released the following statement after the Senate passed H.R. 266, which provides $484 billion in additional coronavirus emergency relief funding to further support American small businesses and health care providers:
“Americans expect Congress to not only provide relief in a time of need, but to work together to get it done. I’m proud the Senate has passed this bipartisan agreement as our nation continues to fight an unprecedented public health battle. This legislation gives additional support to struggling small businesses by reinforcing the critical Paycheck Protection Program. It also provides additional resources to hospitals and health care providers on the frontlines and enhances our COVID-19 testing capabilities.”
Today’s emergency relief funding builds upon the historic Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was signed into law on March 27, 2020. Specifically, this funding package provides:
- $310 billion in additional funding for the Paycheck Protection Program;
- $75 billion to hospitals and health care providers on the frontline;
- $25 billion to research, develop, manufacture, administer, and expand our testing capacity;
- $10 billion for Emergency Economic Injury Disaster Loan program grants;
- $50 billion for additional disaster recovery loans;
- $60 billion for smaller lending facilities, which includes insured depository institutions, community financial institutions, and credit unions.
The CARES Act, which provided unprecedented funding to hospitals, workers, small businesses, and key industries, followed two emergency funding packages signed into law last month.
The first installment, the Coronavirus Preparedness and Response Supplemental Appropriations Act, provided $7.8 billion to increase federal coordination with state and local officials. It also supported the development and distribution of medical countermeasures to communities across the nation. This legislation passed the Senate by a bipartisan vote of 96-1 on March 5, 2020.
The second installment, the Families First Coronavirus Response Act, provided free coronavirus testing, expanded paid family leave, and increased emergency nutritional assistance. This legislation passed the Senate by a bipartisan vote of 90-8 on March 18, 2020.
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