(RightWingAmericans.Com)- Congressional Democrats finally came to their senses on Tuesday, agreeing to new coronavirus relief legislation designed to help the American people and businesses all over the country during the coronavirus pandemic.
The new legislation is worth $470 billion, of which $310 billion will go directly to the Paycheck Protection Program. The PPP hit headlines last week when it ran out of money, and the Democrats initially refused a request from the Republicans to make more money available.
Some $60 billion has also reportedly been set aside for American institutions that have less than $50 billion in assets. Out of that $60 billion, $30 billion is specifically set aside for companies that have less than $10 billion in assets. Another $60 billion is reportedly headed to the Economic Injury Disaster Loan Program which will provide loans and grants to businesses.
Some $75 billion will be given to help hospitals, and $25 billion put aside for testing efforts.
Before the Democrats announced that they had finally agreed to make the money available, President Donald Trump tweeted some of the details of the bill.
“I urge the Senate and House to pass the Paycheck Protection Program and Health Care Enhancement Act with additional funding for PPP, Hospital, and. Testing,” he said. “After I sign this Bill, we will begin discussions on the next Legislative initiative with fiscal relief…to State/Local Governments for lost revenues from COVID-19,” he added.
….to State/Local Governments for lost revenues from COVID 19, much needed Infrastructure Investments for Bridges, Tunnels, Broadband, Tax Incentives for Restaurants, Entertainment, Sports, and Payroll Tax Cuts to increase Economic Growth.
— Donald J. Trump (@realDonaldTrump) April 21, 2020
The president also detailed how the next round of legislation will specifically look at improving America’s bridges and tunnels, developing better broadband, and introducing payroll tax cuts to “increase economic growth.”
You may remember that reducing payroll tax to 0% was President Trump’s initial proposal, but the Democrats refused. The idea was to make it easier for businesses to keep staff, but the Democrats insisted on a direct cash injection instead. President Trump appears to want to do both.
Once signed, millions of Americans will be given access to further government funding to help keep businesses afloat in the coming months of uncertainty.