President Donald Trump signed a $484 billion relief bill into law April 24 that renews funding for a small-business loan program, boosts aid for hospitals and expands testing for COVID-19.
The aid deal, which the Senate approved April 21 and the House passed April 23, includes $310 billion for the Paycheck Protection Program for small businesses. Within that pool, $60 billion is set aside for medium, small and community lenders. The bill also includes $75 billion for hospitals, $60 billion for the small-business disaster fund and $25 billion to ramp up COVID-19 testing.
The relief package is the fourth passed by Congress to combat the economic damage caused by the COVID-19 pandemic. The third relief bill, called the Coronavirus Aid, Relief and Economic Security Act, created a $100 billion emergency fund to reimburse healthcare providers for expenses or lost revenue related to the COVID-19 pandemic.