The US Senate's top Democrat said Tuesday that a deal had been reached with the White House on pumping an additional $300 billion into a depleted emergency program to rescue small businesses ravaged by the coronavirus crisis.
The negotiations were all but finalized on re-funding the popular Paycheck Protection Program, and the Senate could vote on the deal as early as Tuesday, Senator Chuck Schumer said.
"There are still a few more I's to dot and T's to cross, but we have a deal," Schumer told CNN after staff were "up all night" finalizing the huge package.
"And I believe we'll pass it today," he added.
The measure would then go to the House of Representatives, where leaders said a vote could come as early as Thursday, before heading to President Donald Trump for his signature. Late last month, with shops and restaurants nationwide forced to shut down due to the coronavirus pandemic, the government launched the PPP to provide $350 billion in what were essentially grants as long as businesses use the funds to pay their workers.
Banks were flooded with requests and the money quickly ran out.
According to Schumer, and Treasury Secretary Mnuchin, who spoke of the negotiations Sunday, the new tranche would include $300 billion in new small business funding, plus $75 billion for critically underfunded hospitals and $25 billion to expand coronavirus testing.
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