WASHINGTON _ Congressional leaders and the White House reached a deal Tuesday to increase funding for a popular small-business loan program that quickly ran out of money last week as businesses scrambled for a lifeline during the coronavirus pandemic, the Senate's top Democrat said.
"We have a deal and I believe we'll pass it today," Senate Minority Leader Charles E. Schumer, D-N.Y., said on CNN on Tuesday morning.
President Donald Trump on Tuesday tweeted his support and urged both the Senate and House to pass the measure.
The Senate is in session Tuesday afternoon, and the bill could pass by voice vote as long as no senator objects. The House isn't expected to take up the measure until Thursday, because it is not expected to pass by a voice vote there and House members need time to return to Washington.
The bill _ estimated to total $460 billion _ includes $310 billion for the now-depleted Paycheck Protection Program, which was designed to provide forgivable loans to small businesses if they keep workers on the payroll during the economic shutdown caused by the pandemic. It exhausted its original $349 billion last week, but efforts to replenish funding stalled as Democrats and Republicans argued over what else to include in an interim spending bill.
The package announced Tuesday would set aside $60 billion for very small businesses or businesses without an existing relationship with a bank. Democrats made this set-aside a priority because many such businesses _ including women- and minority-owned companies _ complained they were shut out of the initial phase of funding.
"It seems that the large banks have tended to favor the preexisting relationships, particularly those that have existing loans with the banks. That is discriminatory," said Rep. G.K. Butterfield, D-N.C. "We're trying to fix that."
The bill is also expected to include $50 billion for a separate emergency loan program for small businesses that also is out of money; $75 billion for hospitals, including rural hospitals; and $25 billion to increase COVID-19 testing.
Schumer said the package will include a national strategy for coronavirus testing, something that was a sticking point in the final hours of negotiations.
Not included in the final version is $150 billion for state and local governments struggling with a drop in tax revenue. Democrats sought the money, but Republicans and the White House insisted that issue be addressed in future relief measures.
