Congress, White House reach $450B small business deal

By Michael Hernandez

WASHINGTON (AA) - Congressional leaders and the White House have agreed to a multibillion dollar package in stimulus funding to help small businesses, Senate Minority Leader Chuck Schumer said Tuesday.

"There are still a few more i's to dot and t's to cross, but we have a deal," he said during a CNN interview, adding he believes the measure will be able to be passed when the Senate convenes for a pro forma session Tuesday evening.

The package, estimated to contain $450 billion in funding, includes money for the small business loan program known as the Paycheck Protection Program, and billions for coronavirus testing.

Successive state governments have enacted rules mandating the closure of non-essential businesses, and orders to keep residents at home in an effort to prevent the further spread of the novel coronavirus. That has resulted in widespread economic downturn that has imperiled state and local economies.

Schumer said the deal includes a national testing strategy, an agenda item for Democrats during negotiations, which the Trump administration agreed to during marathon talks. The testing regime is intended to help with re-opening the economy, and some experts have suggested the U.S. could need as many as 20 million tests per day to allow a full re-opening.

U.S. President Donald Trump called on lawmakers to quickly pass the aid package, saying on Twitter that after he signs off on the legislation talks will begin on additional legislative action.

"We will begin discussions on the next Legislative Initiative with fiscal relief to State/Local Governments for lost revenues from COVID 19, much needed Infrastructure Investments for Bridges, Tunnels, Broadband, Tax Incentives for Restaurants, Entertainment, Sports, and Payroll Tax Cuts to increase Economic Growth," Trump said.

The U.S. is the hardest-hit country by the virus, with 810,561 confirmed infections and 43,630 deaths, according to a running tally being compiled by Johns Hopkins University.