Senate Passes New Aid Bill For Small Business

The U.S. Senate has passed a bill that would give another $484 billion to small businesses and hospitals. It’s a move that was partially pushed by the Small Business Administration last week running out of $350 billion in funds that was allocated for firms.

There is $320 billion in the bill that would be allocated for the replenishment of the Payroll Protection Program, $75 billion that would go toward hospital reimbursements, and roughly $75 billion for disaster relief and more COVID-19 testing.

“More than 99 percent of Missouri businesses are small businesses, and they need a lifeline to stay afloat through this health emergency,” said Sen. Roy Blunt (R-MO), in a press release. “Small business owners are utilizing the Paycheck Protection Program and the Economic Injury Disaster Loan Program to keep their employees on the payroll and cover other expenses. We need to make sure that funding remains available so they’re ready to rebound quickly and get the economy back on track.”