The Trump administration and congressional leaders closed yesterday on an approximately $470 billion deal to renew funding for a small-business loan program that ran out of money under crushing demand during the coronavirus pandemic, aiming to pass the agreement into law within days, the Washington Post reported. The deal would also boost spending for hospitals and coronavirus testing by about $100 billion. President Trump expressed optimism yesterday evening about reaching an agreement by today. The deal would add about $310 billion to the Paycheck Protection Program for small businesses, which was swamped by demand in the three weeks since Congress created it as part of a $2 trillion coronavirus rescue bill. It also would add $60 billion to a separate emergency loan program for small businesses that is out of money, too, Senate Minority Leader Charles E. Schumer (D-N.Y.) said on CNN. The agreement would include $75 billion for hospitals and $25 billion for testing, which have been major Democratic demands. Some $60 billion in the new funding for the Paycheck Protection Program would be targeted specifically for smaller financial institutions to ensure loans for minority and lower-served areas, said people familiar with the plan who spoke on the condition of anonymity to describe it.
