Senator Schumer: Agreement Reached on Elements of Nearly $500B Aid Package
Senate Democratic leader Chuck Schumer says an agreement has been reached on major elements of a nearly $500 billion coronavirus aid package for small businesses.
The money will go towards helping replenish the payroll for small businesses.
The government’s Paycheck Protection Program is swamped as companies apply for loans, forcing the program to reach its limit last week.
That’s when almost 1.7 million loans were approved.
More than $10 billion in forgivable loans came to Michigan small businesses in the first round of PPP funding.
Schumer is guaranteeing that the new deal will be passed Tuesday in the Senate.
The deal also includes more help for hospitals and virus testing, $75 billion would go to hospitals and $25 billion would be used to help cover the COVID-19 testing that states say they urgently need.