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The US House of Representatives has approved aid to small businesses

By gainer | gainer | 24 Apr 2020


On Thursday, local time, the US House of Representatives overwhelmingly approved aid to small businesses and hospitals. The package, which is intended to alleviate the economic effects of the covid-19 pandemic, amounts to $ 484 billion. The measure, which has yet to be signed by President Donald Trump, was unanimously approved by the Senate on Tuesday.

At the end of March, the US Congress approved a record set of measures to support the US economy of $ 2.2 trillion. The package included a $ 350 billion fund for low-interest loans to companies with less than 500 employees. The government will forgive the repayment of the loan if at least 75 percent of the amount is intended to retain employees and secure their salaries. But money is running out in this package, so Republican Trump asked for an increase.

Democrats blocked Trump's original request for an additional $ 250 billion in loans to small businesses because they wanted to double the amount and set aside some money directly to hospitals and states.

But this week, Republicans and Democrats have agreed to allocate $ 321 billion to small business loans and add another $ 60 billion to the crisis lending program. Hospitals will then receive $ 75 billion, and $ 25 billion is ready to test for coronavirus.

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