President Donald Trump on Friday signed the $484-billion coronavirus relief bill, which provides more funding for the small business loan program, as well as additional money for hospitals and Covid-19 testing. The bill was passed by the Senate earlier this week and approved by the House on Thursday.
Over $300 billion is included for the Paycheck Protection Program (PPP), which was originally established in the first Covid-19 relief bill, the CARES Act, passed last month, and was meant to help small businesses struggling due to lockdown orders across the country. The additional funding was needed due to the program running out of money after high demand.
The latest bill also includes $60 billion for the Small Business Administration's disaster relief fund, as well as $100 billion for hospitals and Covid-19 testing.
Though totaling nearly $500 billion, the bill is seen as an 'interim' until a more expansive relief package to follow the CARES Act can be put together and passed.