President Trump has signed the “Phase 3.5” emergency interim coronavirus relief package that will replenish the fund for small businesses with $484 billion. It will also add billions of dollars to help hospitals across the United States as they combat the coronavirus.
In a ceremony held at the Oval Office, President Trump praised the bill, saying that it is “great for small businesses” and “great for the workers.” In addition, the president argued that it will “extend relief to thousands of African-American and Hispanic American business owners.”
Specifically, the bill provides $310 billion for the Paycheck Protection Program, which is aimed at helping businesses that have fewer than 500 employees by allowing them to obtain loans that can cover eight weeks of their payroll, their benefits, and other expenses.
The bill passed in the U.S. House of Representatives by an overwhelming margin of 388-5 with 35 legislators not voting.
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