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Tipsheet

Congress and White House Reach a Deal on Additional Paycheck Protection Funding

AP Photo/J. Scott Applewhite

Update: The Senate passed the relief package, and the bill will now head to the House of Representatives:

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Original Post: A deal on additional funding for the Small Business Administration’s (SBA) Paycheck Protection Program (PPP), between Senate Majority Leader Mitch McConnell, Speaker Pelosi and the White House, has finally been reached. 

The package is expected to include $310 billion for the program; it is said to include $25 billion for testing and $75 billion for hospitals. These stipulations were demanded by Democrats, who held up the funding for over two weeks.

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This deal took weeks to reach as Democrats held up the funding, hoping to include unrelated, political pork barrel in the final legislation. Leader McConnell commended the bipartisan cooperation, even if it took far too long:

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The Senate is slated to pass the deal during a pro-forma session at 4p.m. on Tuesday.

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