The main reason for this bill is to replenish the small business loans money that ran out quicker than Congress thought it would…
The House will vote on the bill on Thursday….
Trump says he will sign it…
There will be Phase 4 bill after this one as the government just keeps spending money it actually doesn’t have….But taxpayers will have to replace….
The Senate on Tuesday approved roughly $484 billion in new coronavirus aid for small businesses and hospitals and more funding for testing, ending a lengthy battle over the size and contents of the package.
The agreement was passed by a voice vote after days of negotiations between congressional Democrats and Treasury Secretary Steven Mnuchin, with the talks lasting until approximately midnight on both Sunday and Monday.
The deal includes an additional $310 billion for the Paycheck Protection Program, including $60 billion specifically for community banks and smaller lenders, as well as $75 billion for hospitals, $25 billion for testing and $60 billion for emergency disaster loans and grants, according to a summary obtained by The Hill.
Lawmakers are under pressure to act quickly as the coronavirus decimates large sectors of the economy where businesses have either scaled back or closer altogether.
Forty-three percent of respondents to a Pew Research Center surveyreleased Tuesday said they had either had their wages cut or lost their job due to the coronavirus pandemic.
The Senate’s passage came only hours after a senior administration official confirmed the agreement had been reached, and less than two hours after text of the bill began to circulate as leadership tried to “hotline” the deal to find out if it could pass it by consent, which would allow them to avoid bringing back members amid health concerns sparked by the coronavirus.
The House is expected to pass the bill on Thursday morning, with members returning to Washington for a recorded vote. President Trump threw his support behind the deal on Tuesday, an endorsement that could help help the agreement avoid landmines from libertarian-minded lawmakers and fiscal conservatives.
“I urge the Senate and House to pass the Paycheck Protection Program and Health Care Enhancement Act with additional funding for PPP, Hospitals, and Testing,” Trump tweeted.
He added that once the bill is signed he will start discussions on the “phase four” coronavirus bill including more help for states and local governments, infrastructure, “tax incentives” and a payroll tax cut. Both chambers are expected to be out of Washington until at least May 4. …
Trump IS angling for a payroll tax CUT for his political benefit even though the government budget deficit is going thru the roof with all these give away bills?