KFYR-TV: House passes Coronavirus Relief Fund, replenishing the Paycheck Protection Program
The Paycheck Protection Program ran out of funds in its first two weeks, leaving many small businesses out.
Now, lawmakers have allocated an additional $320 billion to the program.
Despite some lawmakers initially dragging their feet, the House of Representatives passed the program's additional funding Thursday night as a part of another coronavirus relief fund package.
It contains money to replenish the Paycheck Protection Program, $60 billion for economic disaster loans, $75 billion for hospital relief, and $25 billion in additional testing efforts.
The bill has been labeled as interim, meaning it's meant to fill the gaps between the CARES Act and the next phase of coronavirus legislation. But some lawmakers are still looking towards the future at reopening the economy.
“There's no payment, no government intervention that can replace 100 percent loss of your economic activity. We can't do it and, more importantly, it's unsustainable,” says Rep. Kelly Armstrong, R-N.D.
Armstrong says additional funding for testing and hospitals is especially important for economy reopening efforts.
Political analysts think President Donald Trump will sign the bill into law by the end of this week.