US Senate approves new $480b pandemic relief plan

23 April, 2020
US Senate approves new $480b pandemic relief plan
America Senate approved a bipartisan, practically half-trillion-dollar coronavirus relief package Tuesday, with funding earmarked for devastated smaller businesses, overwhelmed hospitals, and a ramp-up of testing nationwide through the pandemic.

The essential job-saving measure, which passed by unanimous consent after greater than a week of negotiations between Democrats, Republicans and the White House, now heads to the home of Representatives where a vote could occur as soon as Thursday.

The effort may be the government's latest massive cash infusion to prop up a collapsing economy amid struggles to contain a pandemic which has killed 43,000 Americans and left some 22 million people jobless.

"This is a substantial package," Senate Majority Leader Mitch McConnell said, one that was cobbled together "on a crash timeline in these most unusual circumstances."

The measure builds on the US$2.2 trillion rescue legislation - the largest-ever federal intervention in america economy - signed into law last month.  

President Donald Trump called on Congress to swiftly send him the bill, which would re-fund an application which has already helped a lot more than 1.6 million businesses, so he can sign it into law.

"I urge the House to pass the bill, and they're going to be voting onto it, I imagine, soon," he said.

Late last month, with many shops and restaurants nationwide forced to shutter because of the pandemic, the federal government launched the PPP to supply $350 billion in what were essentially grants so long as businesses utilize the funds to pay their employees.

Banks were flooded with requests, and the amount of money quickly ran out.

The new tranche would include $320 billion in small business funding, plus $75 billion for hospitals and $25 billion to expand coronavirus testing, McConnell said.

It also provides $60 billion in disaster recovery loans and grants, he added.

"We have taken a giant step of progress" towards providing more relief for smaller businesses and for first responders in hospitals, top Senate Democrat Chuck Schumer said.

Schumer claimed Democratic victory for obtaining funding for testing, and he praised Trump, Treasury Secretary Steven Mnuchin and chief of staff Mark Meadows for agreeing to add it.

"We will not get America moving again until we've a national, well-planned, well executed testing program - which administration does not have one," Schumer said.

State funding later

Republicans wished to pass a measure to invest in just the Paycheck Protection Program for smaller businesses, but in the end testing and hospital funding was included.

Schumer said considerable PPP money will be reserved for minority-run small businesses and those without access to large financial institutions.

The deal leaves out an integral Democratic demand: extra funding for state and local governments battling the pandemic.

Trump said he wants such funding contained in the next coronavirus rescue package, and congressional leaders said the forthcoming bill had been in the works.

Another measure will be "bigger, bolder, better" compared to the interim deal, Schumer said.

With the 100-member Senate having postponed its full sessions until May 4 because of coronavirus, Tuesday's vote occurred throughout a pro forma session, which often features few lawmakers but can pass legislation if there is unanimous consent.

The measure passed, but McConnell clarified any subsequent aid package, including funding for state and local governments, would only be looked at "when the Senate is back session, with full participation" in Washington.

A vote in the House, also on recess, this week could possibly be complicated. 

The House is unlikely to pass the job-saving package by unanimous consent as the Senate did.

Number 2 Democrat Steny Hoyer said it likely must convene a House session where more than half the members go back to Washington to attend.
Source: www.thejakartapost.com
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