US House Passes $484 Bln COVID-19 Relief Bill, Trump to Sign

By Staff, Agencies

With the US House Representatives' vote of 388-5, the Congress passed the “Phase 3.5” relief bill, which dedicates federal funding to hospitals for ramped up COVID-19 novel coronavirus testing and more than $300 billion in bailouts for small businesses.

The overwhelmingly bipartisan House vote to advance the legislation came two days after the Senate unanimously approved the bill via voice vote, allowing lawmakers to remain at home and avoid traveling back to Washington, DC, amid the pandemic.

Phase 3.5 now goes to the desk of US President Donald Trump, who expressed Thursday evening that he will likely sign the bill in the coming hours.

The relief bill amends the bipartisan-backed Coronavirus Aid, Relief, and Economic Security [CARES] Act and provides a $310 billion expansion to the authorization level of the Paycheck Protection Program [PPP] - established to rescue small American businesses through loans subsequently forgiven if all employees remain on payroll for a period of eight weeks and funds are used for payroll, mortgage interests, utilities or rent.

Another $60 billion from the bill has been reserved for small businesses without existing banking relationships. Around $100 billion is earmarked for the Department of Health and Human Services, with $75 billion of that going toward the reimbursement of lost revenue to hospitals and health care providers amid the novel coronavirus pandemic.