COVID-19: White House passes $480 billion package to deliver aid to small businesses

Amid the coronavirus pandemic, the White House on Friday has passed a $480 billion funding bill aimed at tiding over small businesses during the COVID-19 crisis. It now heads to President Donald Trump’s desk, where he’s expected to sign it.

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About the bill

The US Senate on April 21 passed a nearly half-a-trillion dollar coronavirus pandemic relief package to protect small businesses in the country from shutting down. According to reports, the bill was passed after more than a week of negotiations between the Republicans and the Democrats in the US Congress. The funding is the government's latest cash infusion to prop up the economy as it had earlier approved another $450 billion package for the same purpose. 

The latest $480 billion relief package is aimed at saving small businesses from shutting down, to expand coronavirus testing and for hospitals fighting the disease. As per reports, $320 billion will go towards small businesses, $75 billion for hospitals and $25 billion for expansion of testing in the country. An additional $60 billion will be for disaster recovery and loan grants. Democrat Chuck Schumer praised Donald Trump and Treasury Secretary Steven Mnuchin for agreeing to include funds for testing.

The US recorded 3,176 coronavirus deaths in 24 hours with total fatalities near 50,000. The total number of US cases has approached over 8,80,204. 

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READ | COVID-19: US Senate Approves $480 Billion Pandemic Relief Package