US Senate approves nearly US$500 billion more for coronavirus bailout

VIDEO: REUTERS
US Republicans and Democrats have been battling over what to include in the fourth round of financial stimulus.
US Republicans and Democrats have been battling over what to include in the fourth round of financial stimulus.PHOTO: EPA-EFE

WASHINGTON (REUTERS) – The US Senate on Tuesday (April 21) unanimously approved US$484 billion (S$700 billion) in additional coronavirus relief for the US economy and hospitals treating patients sickened by the pandemic, sending the measure to the House of Representatives for final passage later this week.

The Bill, approved by the Senate on a voice vote in a near-empty chamber, was hurried along shortly after congressional leaders and the White House brokered an agreement on the measure.

The House is expected to vote on Thursday on what would be the fourth coronavirus-response law.

Taken together, these four measures amount to about US$3 trillion in aid since last month.

President Donald Trump urged Congress to give quick approval to the measure that mainly expands funding for loans to small businesses hobbled by the pandemic, leaving additional aid to state and local governments for a later Bill.

Noting the “crash timeline” for passing the Bill, Senate Majority Leader Mitch McConnell, a Republican, said it was necessary during “unprecedented times for the entire nation.” 

The deal includes US$321 billion for a small business lending programme, US$60 billion for a separate emergency disaster loan programme – also for small businesses – as well as US$75 billion for hospitals and US$25 billion for national coronavirus testing.

Senate Democratic Leader Chuck Schumer, during a short debate, highlighted the bill’s funds for fighting the coronavirus, in addition to aid to small businesses.

“We can give loans to small businesses, but if there’s no customers walking the streets to go into their stores, what good is that?” Schumer said.

Congress already is working on a fifth coronavirus-response Bill.

Schumer said it could be “similar in size” to the US$2.3 trillion economic stimulus enacted on March 27.