President signs $484 Billion Relief Bill

May 22, 2018 By

On Friday, President Trump signed a measure providing $484 billion to replenish a small business lending program and support hospitals and COVID-19 testing. The bill includes an additional $310 billion in funding for the Paycheck Protection Program (PPP). The PPP, established by the CARES Act that the President signed into law on March 27, is designed to help small businesses hurt by the pandemic, which has resulted in massive job loss. The package would replenish that program, enacted as part of the broader $2 trillion coronavirus aid package last month, with another $310 billion. There is also an additional $25 billion for state-led COVID-19 testing plans and for research, development and other testing support from key agencies such as the CDC and the NIH. There are ongoing negotiations on a potential new relief package that may be addressed when Congress returns in May.