President Trump Signs $484 Billion Coronavirus Relief Package
President Donald Trump has signed a $484 billion coronavirus relief package to help employers and hospitals struggling because of the coronavirus crisis.
It’s the latest effort by the federal government to help businesses that had had to close or dramatically change their operations keep afloat.
Over the past five weeks, about 26 million Americans, or 1 in 6 workers, have filed for unemployment help.
Anchoring the bill is the Trump administration’s $250 billion request to replenish a fund to help small- and medium-size businesses with payroll, rent and other expenses. The program offers forgivable loans so businesses can continue paying workers while forced to stay closed for social distancing and stay-at-home orders.
The legislation contains $100 billion demanded by Democrats for hospitals and a nationwide testing program, along with $60 billion for small banks and an alternative network of community development banks that focus on development in urban neighborhoods and rural areas ignored by many lenders. There’s also $60 billion for small-business loans and grants delivered through the Small Business Administration’s existing disaster aid program.