The Senate has approved a nearly half a trillion dollar coronavirus aid bill, sending the legislation to the House for passage later this week. The bill includes $380 billion for small businesses, $75 billion for hospitals, and $25 billion for disease testing.
- Worth Noting: The legislation includes $321 billion for the depleted Paycheck Protection Program, of which $60 billion is set aside for underbanked businesses. Lenders are already warning their customers they might not be able to secure loans even after President Trump signs the new bill into law. Banking industry representatives say the program has a burn rate of $50 billion per day and needs closer to $1 trillion to meet demand, with hundreds of thousands of applications pending, Politico reported.
- Heard on the Street: Consumer Bankers Association: “This is going to go within, at most, 72 hours…But the odds are more like 48 hours.” Senate Majority Leader Mitch McConnell said the Senate will proceed “cautiously” to the next phase of coronavirus relief as he expressed concern about rising deficits.
- Point in case: A survey conducted by the Brooklyn Chamber of Commerce found that 84 percent of local businesses who applied for loans did not receive any funds as of April 17, CO noted.