The $484 billion coronavirus “Phase 3.5” relief bill passed by the Senate on Tuesday, if approved by the House of Representatives and signed into law by President Trump as expected, would amend the CARES Act and replenish the small business rescue program known as the Paycheck Protection Program (PPP).
Additionally, the package would provide hospitals with another $75 billion and implement a nationwide virus testing program to facilitate reopening the economy.
Treasury Secretary Steven Mnuchin said he expects this to be the last wave of payments to small businesses. He told reporters that the PPP had saved some 30 million jobs. However, Democrats are already calling for a “Phase 4” bill, with priorities including funding for state and local governments and their pension plans, rental assistance, election integrity, the U.S. Postal Service.