Trump signs $484 billion stimulus bill for SMBS and hospitals

President Donald Trump signed a nearly half-trillion dollar bill Friday that provides more funding for struggling hospitals and replenishes a loan program designed to help small businesses impacted by the pandemic.

The $484 billion legislation, which cleared the Senate on Tuesday and the House on Thursday, provides an additional $320 billion to the Paycheck Protection Program, which offers forgivable loans to small businesses. The program was created in March with an initial allocation of $349 billion, but it ran out of money last week and was forced to shut down.

The new law also includes about $75 billion in relief for hospitals that have been overwhelmed with treating coronavirus patients. Another $25 billion in the measure will go toward a new coronavirus testing program.

– Michael Collins