WASHINGTON – A $483 billion coronavirus relief bill — the fourth coronavirus response legislation so far — is moving through Congress. The legislation easily passed the Senate on Tuesday and has the support of House Democrats and Republicans and President Donald Trump.
Here are the highlights:
SMALL-BUSINESS GRANTS AND LOANS
The bill includes $383 billion in aid to smaller businesses. The largest piece, $251 billion, would replenish the Paycheck Protection Program to deliver loans of up to $10 million each for companies with 500 employees or fewer that absorb coronavirus-related losses; much of the loans can be forgiven if employers retain workers. An additional $60 billion would be evenly split between smaller banks and community development financial institutions to help traditionally underbanked urban neighborhoods and rural areas. Another $60 billion would be delivered through the Small Business Administration's disaster loan program, with $10 billion of that total in direct grants.
The legislation includes $75 billion for grants to hospitals and other health care providers to cover coronavirus-related costs or lost revenues that can be attributed to the pandemic.