President Trump on Friday signed into law a $484 billion relief package that replenishes funds for small business loans to offset the effects of the coronavirus pandemic.
The bill allocates $310 billion to the Paycheck Protection Program, which was established as part of the massive $2.2 trillion relief package approved by lawmakers earlier this month. Another $120 billion will be directed to small banks, half of which will go toward emergency loan programs, and $100 billion will be allocated to hospitals and coronavirus testing efforts.
Funding for the PPP, initially set at $350 billion, ran dry last week due to high demand. Congressional negotiations over additional relief stalled last week as Democrats demanded the addition of funds for hospitals and local governments to relief for the PPP.
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