US Agrees on $500 Billion COVID-19 Relief Bill for Small and Medium Businesses

[Asia Economy New York=Correspondent Baek Jong-min] On the 21st (local time), the U.S. government and Congress agreed on an additional budget support bill worth $500 billion to support small and medium-sized enterprises (SMEs) to overcome the economic difficulties caused by the novel coronavirus infection (COVID-19).

According to AP News and others, Congress and the Donald Trump administration tentatively agreed on an additional budget bill on the day to help SMEs and hospitals struggling due to the COVID-19 crisis and to support testing.

The U.S. government had been pushing to secure additional funds after the $350 billion allocated for SME support in the $2.2 trillion economic stimulus bill was exhausted in less than two weeks since its implementation.

The budget bill amounts to $481 billion (approximately 592 trillion KRW). The core is $321 billion support for the Paycheck Protection Program (PPP), which provides payroll loans to SMEs. In addition, $60 billion is allocated for SME financing loans, $75 billion for hospital support, and $25 billion for COVID-19 testing.

The Senate held a meeting in the afternoon to process the additional budget bill, and the House of Representatives is expected to discuss the bill's passage on the 23rd.

President Trump expressed support for the congressional negotiation plan and urged its swift passage. Through Twitter, President Trump said, "I urge the Senate and House to pass the Paycheck Protection Program and Health Care Enhancement Act, which provides additional funds for PPP, hospitals, and testing."

He added, "We will discuss support for state and local governments, infrastructure investment, and tax benefits for the next legislative plan."

This content was produced with the assistance of AI translation services.