Who will get the money from second small business loan bill? Trump signs $484 billion relief package

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Trump signed a $484 billion appropriations bill to add $320 billion to the CARES Act's small business loan program, with money targeted for minority- and women-owned businesses and for small- and mid-sized banks.

WASHINGTON, DC - APRIL 23: U.S. President Donald Trump speaks with Vice President Mike Pence during the daily briefing of the coronavirus task force at the White House on April 23, 2020, in Washington, D.C. The House of Representatives passed the latest economic stimulus package that was passed earlier in the week by the U.S. Senate giving roughly 484 billion to restart a small business loan program and give more money for health care providers and virus testing.

Surrounded by Small Business Administration head Jovita Carranza, Texas Republican Senator John Cornyn, and House Majority Leader Kevin McCarthy, GOP Conference Chair Liz Cheney, and House Republican Whip Steve Scalise, Trump signed the relief package—known as the Paycheck Protection Program and Health Care Enhancement Act—in an Oval Office ceremony that took place less than a day after the House of Representatives approved the legislation.

The program provides forgivable loans to small businesses that keep employees on the payroll regardless of whether they are operating normally during the Covid-19 pandemic, but the Small Business Administration announced that the initial tranche of funds had run out as of April 16, roughly two weeks after it first began accepting applications.

While the four GOP members who voted against the bill opposed it as an example of excessive spending which adds to the national debt, Ocasio-Cortez said her opposition to the bill stemmed from its limited scope.

 

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