The House approved a nearly $500 billion second wave of coronavirus aid to the states yesterday evening. The $484 billion legislation includes funding for hospitals and $320 billion for the Paycheck Protection Program that ran out of money last week. About $60 billion of the funding for the program would be set aside for community-based lenders, smaller banks and credit unions to assist smaller businesses that don’t have established relationships with big banks and had a harder time accessing the funds in the first round of loans. About $10 billion would be allocated for administration fees.
The legislation provides $75 billion in emergency funding to hospitals and $25 billion in startup funds for a national coronavirus testing program. 18th District Congressman Darin LaHood said in a press release last night that he voted in favor of the relief package because of the Paycheck Protection Program for small businesses. He faulted Congressional Democrats for delaying passage of the bill. He says that by delaying any relief, it made a bad situation that much worse.
Senate Democrats were upset that the new waive of funding did not provide aid to small town governments and municipalities who have lost significant revenue streams while combating COVID-19. Work has already started on introducing a third waive of funding. President Donald Trump signed the second coronavius aid package late last night.