KEY POINTS

  • The bill provides $250 to the paycheck protection program, which was rapidly depleted less than two weeks after banks began accepting applications
  • COVID-19 deaths have soared past 50,000 in the U.S.
  • The bill provides $100 million to hospitals and for expanded testing

President Trump on Friday signed the $484 billion coronavirus relief bill approved by Congress this week, providing $310 trillion to Small Business Administration loan programs aimed at keeping companies from laying off their workers.

The action came as deaths from COVID-19 soared past 50,000.

The bill replenishes funds to the paycheck protection program, which ran out of money less than two weeks after banks began accepting applications, also provides $100 billion to hard-pressed hospitals and for expanded testing.

House Republicans announced the president’s action in a tweet.

Trump called the measure “a tremendous victory.”

The Paycheck Protection Program and Health Care Enhancement Act was adopted by the Senate Tuesday without objection. The vote in the House was 388-5.

House Speaker Nancy Pelosi wore a face mask as she presided over the chamber Thursday.

The bill provides $250 billion for the paycheck protection program, which was set up with $349 billion by the $2.2 trillion CARES Act signed into law March 27. Much of the money went to large hotel and restaurant chains that sought the loans through smaller subsidiaries. At least four – Ruth’s Hospitality Group, Shake Shack, Sweetgreen and Kura Sushi – have agreed to return the tens of millions in funds.

The loan program was set up to help companies with fewer than 500 employees. The loans are to be forgiven if 75% goes toward salaries to keep employees off the unemployment rolls.

Attention now is being turned toward the next bill. Pelosi wants it to include funds for state and local governments, which have borne enormous costs in attempting to fight the pandemic. She also wants more money for individuals and an extension to the newly approved expansion unemployment benefits.

Senate Majority Leader Mitch McConnell has said, however, he wants to slow the flow of federal funds. Legislation adopted to mitigate the effects of coronavirus is approaching $4 trillion.

Democrats and Trump also have pushed a $2 trillion infrastructure program to provide jobs.

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