The House on Thursday voted 388-5 in favor of a $484 billion interim coronavirus relief bill that will add another $310 billion for the small business Paycheck Protection Program (PPP), as well as provide billions in aid to hospitals and for testing.
The big picture: Members of Congress returned to Washington for the vote today, which took place in nine different waves to limit the number of people on the floor at one time. The legislation, which was passed Tuesday by the Senate, will now head to the desk of President Trump, who is expected to sign into law immediately.
- Reps. Andy Biggs (R-Ariz.), Ken Buck (R-Colo.), Jody Hice (R-Ga.), Thomas Massie (R-Ky.) and Alexandria Ocasio-Cortez (D-N.Y.) were the five "no" votes.
- Rep. Justin Amash (I-Mich.) voted "present."
Details: The vast majority of the funds — $310 billion — is for replenishing the PPP, which dried up last week. Roughly $60 billion of that total will be allocated to small lenders and community banks. The rest includes:
- $60 billion for the Economic Injury Disaster Loan program, which reaches communities and small businesses in underserved areas.
- $75 billion for hospitals.
- $25 billion to expand testing.
What's next: Once the bill is signed into law, the focus among the House and Senate will be how fast that money gets out the door.
- Conversations over a much larger phase 4 deal are also underway, but there is division over what that bill should look like.
- Senate Majority Leader Mitch McConnell (R-Ky.) has indicated that, unlike the interim bill, any new stimulus measure must be negotiated in person.
- He's also thrown cold water on the push to deliver more funding to state and local governments — a top Democratic demand — instead saying they should file for bankruptcy protection if needed.
- Meanwhile, Democrats have laid out several other priorities for a phase 4 bill, including more funding for rental assistance, election integrity, a Heroes’ fund, and the U.S. Postal Service.
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