Senate Passes Next Stimulus Bill, Full Passage Expected This Week

UPDATE (April 24, 2020): The U.S. House of Representatives has also passed the legislation, and the President has signed it into law.

On Tuesday, April 21, Congress agreed to $484 billion legislation to address aid for small businesses, hospitals and testing amid the COVID-19 pandemic.  The legislation passed the Senate, and is expected to quickly advance through the House and be signed into law by the President.

The legislation, which received bipartisan support in the Senate, includes $321 for the Paycheck Protection Program, which ran out of its initial $349 billion in funding last week, and has $60 billion set aside for underbanked businesses.  It also includes $60 billion in loans and grants for economic disaster assistance, $75 billion for physicians and hospitals, and $25 billion for coronavirus testing.

The $75 billion in funding for hospitals and health care providers is in addition to the $100 billion provided in the CARES Act and will continue to support the need for COVID-19 related expenses and lost revenue. 

Read a section-by-section summary of the new legislation. (PDF)