Congress takes action on economic relief, not over finish line yet
The U.S. Senate unanimously passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act containing $2 trillion in financial support last night, but the measure is still awaiting a vote in the House of Representatives.
Included in the bill:
- Overall appropriations:
- $500 billion for distressed sectors of the economy
- $349 billion for loan guarantees
- $100 billion for secondary market guarantee sales
- $17 billion for loan subsidies
- $10 billion for emergency EIDL grants
- $675 million for Small Business Administration salaries and expenses
- $240 million for small business development centers and women’s business centers for technical assistance for businesses
- $25 million for the Office of Inspector General
- $25 million for resource partner associations to provide online information and training
- $25 million for Department of Treasury salaries and expenses
- $10 million for minority business centers for technical assistance for businesses
See full update here.