Senate re-ups payroll aid

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Senate Minority Leader Chuck Schumer answers reporters’ questions on Tuesday at the U.S. Capitol. Associated Press/Photo by Patrick Semansky

The U.S. Senate passed a bill on Tuesday to replenish funds for small businesses hit by the COVID-19 pandemic. The Paycheck Protection Program, part of the $2 trillion economic rescue package, ran out of money on Thursday. The measure passed with no objections on a voice vote of those present.

What made it into the deal? The legislation designates an extra $310 billion for forgivable small business loans to help companies pay employees. It also gives $75 billion to hospitals, $25 billion to coronavirus testing, and $60 billion to the Economic Injury Disaster Loan program. The House could vote on the bill as soon as Thursday.

Dig deeper: Listen to Nick Eicher and financial analyst David Bahnsen discuss the state of the economy, including small businesses, on The World and Everything in It.