The Trump administration and Congress are nearing an agreement as early as Sunday on an aid package of up to $450 billion to boost a small-business loan program that has run out of money and add funds for hospitals and COVID-19 testing
WASHINGTON — .
About $75 billion would go to U.S. hospitals, for those straining under a ballooning coronavirus caseload as well as those struggling to stay financially afloat after suspending elective surgeries during the pandemic. About $25 billion would be added for COVID-19 testing, something states have said was urgently needed. The money for hospitals and testing were priorities sought by congressional Democrats.
He said he’s been in touch with GOP leaders including Senate Majority Leader Mitch McConnell, R-Ky., and House Minority Leader Kevin McCarthy, R-Calif., and all are “on board with the same plan.” “We are pushing hard,” Schumer said. “We don’t want our police, our firefighters, our EMTs, our bus drivers — this is not an abstract issue. We don’t want them fired.”“I am pleased to report that we have been engaged in bipartisan negotiations on our interim legislation, and our progress is encouraging,” she said in a letter late Saturday to Democratic colleagues.
The SBA loans, based on a company’s payroll costs, offer owners forgiveness if they retain workers or rehire those who have been laid off. The law provides for forgiveness for companies in any industry — even businesses like hedge funds and law firms. There’s a limit of $100,000 on the amount of employees’ compensation that can be considered when loan forgiveness is calculated.
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