Senate Approves $448B For Hospitals, COVID Testing

CNBC reports:

Senate Republicans and Democrats reached a deal Tuesday on a $484 billion coronavirus relief package for small businesses, hospitals and testing.

The deal would allocate $320 billion more for the Paycheck Protection Program, which provides small business loans, Senate Majority Leader Mitch McConnell said.

$60 billion of that would be set aside for small institutions, according to a bill summary released by his office. Half of the $60 billion would go to lenders with assets of less than $10 billion, and half would go to those with assets between $10 billion and $50 billion.

USA Today reports:

The nearly half-trillion bill, which was approved through voice vote, would provide more funds to the Paycheck Protection Program, which was halted last week after it ran out of money.

The legislation includes $75 billion to help overwhelmed hospitals and $25 billion for a new coronavirus testing program, two provisions Democrats pushed for in negotiations.

Senate Minority Leader Chuck Schumer, D-N.Y., said the testing funds were one of the last pieces agreed on and requires the administration report a national strategic testing plan on how it will increase testing across the country.