On Tuesday, April 21, 2020, the U.S. Senate voted on and passed the newest coronavirus aid bill, which includes funding for small businesses, hospitals and coronavirus testing.

While the bill has passed in the Senate, it needs to pass in the House and be signed by the president to become a law. The House is expected to vote on and pass the bill later this week, and the president has indicated he will sign the bill into law.

The bill provides $484 billion in total funding, which includes:

• $320 billion to replenish the federal small business loan program, the Paycheck Protection Program, which ran out of funds last week;
• $60 billion would be added to the Small Business Administration’s disaster relief fund. Farms and other agriculture enterprises would be eligible for such funds under the new bill;
• $75 billion in funding for hospitals;
• $25 billion in COVID-19 testing.

Refer to the attached news brief for additional information.

Senate Passes $484 Billion Coronavirus Relief Package