© 2024 Michigan State University Board of Trustees
Public Media from Michigan State University
Play Live Radio
Next Up:
0:00 0:00
Available On Air Stations

Full Text: Details Of The Bill That Funds Small Business Loans

President Trump a new coronavirus economic aid package, largely targeted to support small businesses, in the Oval Office on Friday.
Olivier Douliery
AFP via Getty Images
President Trump a new coronavirus economic aid package, largely targeted to support small businesses, in the Oval Office on Friday.

Updated on Friday at 12:33 p.m. ET

President Trump has signed off on an additional $484 billion in coronavirus relief efforts, which Congress passed earlier in the week. Here's what's in the legislation:

  • $321 billion in additional funding for a small-business loan program that quickly reached its earlier $349 billion cap. This includes $60 billion to be set aside for small lenders.
  • $60 billion for small-business disaster loans and grants.
  • $75 billion for hospitals.
  • $25 billion for coronavirus testing, a point of contention for the administration.
  • The inclusion of funding for testing is a win for congressional Democrats, who had blocked an earlier version of the bill for not including funds for that or for hospitals and states. Republicans were, however, successful in delaying discussions of money for state and local governments, which Democrats had hoped to include.

    Trump tweeted his support for the bill on Tuesday and said that he expects to begin discussions on state support during the next wave of relief funding. House Speaker Nancy Pelosi, D-Calif., vowed on Friday that "there will not be another bill without state and local government" resources in it.

    The additional cash infusion adds to an already-historic rescue package meant to cushion the blow of the economy-crushing pandemic. An earlier $2 trillion measure, known as the CARES Act, included cash payments for individuals, as well as funds for small businesses, corporations and public health.

    Read the full text of the bill below:

    Copyright 2021 NPR. To see more, visit https://www.npr.org.

    Alana Wise joined WAMU in September 2018 as the 2018-2020 Audion Reporting Fellow for Guns & America. Selected as one of 10 recipients nationwide of the Audion Reporting Fellowship, Alana works in the WAMU newsroom as part of a national reporting project and is spending two years focusing on the impact of guns in the Washington region.
    Alana Wise
    Alana Wise is a politics reporter on the Washington desk at NPR.
    Journalism at this station is made possible by donors who value local reporting. Donate today to keep stories like this one coming. It is thanks to your generosity that we can keep this content free and accessible for everyone. Thanks!