Senate Agrees to Fourth Stimulus Relief Package

The Senate has agreed to a 4th coronavirus stimulus relief package worth hundreds of billions of dollars. $310 billion more dollars will be allocated amongst small businesses whose Paycheck Protection Program loans worth $349 billion ran out in just thirteen days. $60 billion will go towards small lenders and community banks. Economic Injury Disaster will receive $10 billion in grants. $25 billion was also allocated to help expand COVID-19 testing. Finally, hospitals will receive an additional $75 billion dollars in reimbursements for “coronavirus related expenses” and lost revenue. However, there are several issues with this new relief package. One of the largest is how quickly the Paycheck Protection Program will run out again. There is a sizable backlog of applications and some experts predict it may only take ten days to exhaust this 4th round of funding. There are also concerns that local and state governments and programs like food stamps were overlooked.