President Signs New Coronavirus Aid Package Into Law
Apr 24, 2020, 11:02 AM
(Photo by Drew Angerer/Getty Images)
WASHINGTON — President Donald Trump has signed a nearly $500 billion coronavirus aid package into law, the latest federal government effort to stimulate a reeling economy and overwhelmed hospitals.
The legislation is the fourth coronavirus relief bill passed by Congress. All told, Congress has delivered at least $2.4 trillion for business relief, testing and treatment, and direct payments to individuals and the unemployed, according to the Congressional Budget Office.
The latest bill includes more than $300 billion for the Paycheck Protection Program, which gives small firms loans that could be forgiven if they use them on wages, benefits, rent and utilities and $60 billion for Small Business Administration disaster assistance loans and grants. It also includes $75 billion in grants for hospitals, and $25 billion to improve coronavirus testing.