WASHINGTON, D.C. — President Trump signed into law on Friday a $484 billion stimulus bill, which provides more aid for small- to medium-sized businesses that have been struggling since the COVID-19 pandemic hit, NBC News reports.
The funding follows in the footsteps of the $2.2 trillion coronavirus relief bill, which became law last month.
The legislation replenishes the Paycheck Protection Program (PPP) with $320 billion. Of that total, $60 billion is set aside for additional U.S. Small Business Administration (SBA) loans, Curt Macysyn, the executive director of the National School Transportation Association (NSTA), told School Bus Fleet.
The bill passed in the Senate earlier this week and in the House on Thursday, according to the news source.
The new stimulus package comes on the heels of two loan programs under the SBA, the PPP and the Economic Injury Disaster Loan, running out of money last week.
NBC News reports that lawmakers have been referring to this bill as "interim" legislation that aims to bridge the gap between the coronavirus relief bill, also known as the CARES Act, and the next significant round of COVID-19 legislation.
The stimulus includes money for hospitals and coronavirus testing. It does not provide additional funding for states and local governments, according to the news source.