House Passes Coronavirus Rescue Funding Package Totaling Nearly $500 Billion

On Thursday, April 23, the U.S. House of Representatives passed the coronavirus rescue package totaling nearly $500 billion by a vote of 388-5-1. Four conservative Republicans broke with the GOP leadership to vote against the bill, referencing the impact on the federal deficit. The Senate passed the legislation unanimously by voice vote earlier this week.

The legislation would bring an immediate $321 billion in funding for the Paycheck Protection Program, the small business rescue fund that was depleted last week. The rescue package would also provide $75 billion in emergency relief for hospitals, $25 billion to ramp up coronavirus testing, and an additional $60 billion in economic disaster loans for small businesses.

The bill now goes to President Trump, who is expected the sign the legislation into law.

Posted 4/23/2020