The full House passed by a 388-5 vote late Thursday afternoon the $484 billion economic aid bill that includes $320 billion in additional funds for small-business loans under the Paycheck Protection Program, which passed the Senate Tuesday.
The stimulus bill, the Paycheck Protection Program and Health Care Enhancement Act, will restart the PPP, which ran out of money last week. It also includes $75 billion for hospitals and $25 billion for COVID-19 testing. President Donald Trump has said he will sign the bill.
Sen. Ben Cardin, D-Md., said on an early Thursday afternoon webcast held by the American Council for Capital Formation that the new PPP funds “will be available as early as tomorrow.”
The House, which convened in masks Thursday, last met on Capitol Hill on March 27 during a legislative session to pass the Coronavirus Aid, Relief and Economic Security (CARES) Act.
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The House’s first vote on Thursday was to approve setting up a select subcommittee to oversee the administration’s COVID-19 response, including how PPP funds are being spent. The subcommittee will be part of the House Oversight and Reform Committee.