President Trump on Friday signed legislation providing $484 billion to replenish a popular small business lending program and support hospitals and COVID-19 testing amid the coronavirus pandemic.
The measure includes an additional $310 billion in funding for the Paycheck Protection Program (PPP), $60 billion of which is reserved for community banks and small lenders; $75 billion for hospitals; $25 billion to support testing efforts; and $60 billion for emergency disaster loans and grants.
Trump signed the legislative package during an Oval Office ceremony.
The legislation came out of several days of negotiations between Treasury Secretary Steven Mnuchin and congressional Democrats. The Senate passed the bill in a voice vote on Tuesday, with the House following suit on Thursday in a 388-5-1 vote that saw lawmakers wearing masks and voting in groups after Republicans demanded a floor vote.
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