Senate Approves New Coronavirus Relief Package After Paycheck Protection Program Reaches Funding Capacity

Senate Approves New Coronavirus Relief Package After Paycheck Protection Program Reaches Funding Capacity

In an effort to provide financial relief to the many people that are being impacted by the Coronavirus pandemic, the government passed and signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law. Part of the initial package included the Paycheck Protection Program (PPP), which gave $349 billion in loans to businesses in need. Since the Act was passed, the program hit its funding capacity and stopped accepting more applications for lenders. 

As a result of this, Congress came together to work out an additional relief package to continue helping individuals and businesses. The Senate approved a relief package that is worth about $484 billion. The bill passed unanimously, providing an additional $310 billion to the Paycheck Protection Program money for businesses who still wished to apply after reaching its capacity last week. In addition to this, the package includes $60 billion in disaster relief loans and grants, $75 billion for hospitals, and $25 billion for Coronavirus testing.  

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