$480 Billion Coronavirus Stimulus Passes House

WASHINGTON, D.C. — With lawmakers donning bandanas and masks on Thursday, the House of Representatives passed a $480 billion aid package that, pending approval by President Trump, will pour resources into small businesses, hospitals and testing programs.

The 388-5 vote in the House followed a Wednesday Senate hearing that passed the measure. That deal, which was negotiated after days of finger-pointing from both sides, includes $310 billion for the much-maligned Paycheck Protection Program, which had been emptied in just thirteen days and sparked outrage at the substantial cut taken by bank fees and publicly traded companies.

The bill under debate Thursday would replenish the program and allow it to restart the loan process that's already accepted applications from 1.6 million businesses. The package would also add $75 billion to hospitals and $25 billion to a new coronavirus testing program. Another $60 billion would go a disaster aid program to fund small-business loans and grants.

President Trump has already declared his intent to sign the bill.

The vote also approved the creation of a new oversight committee to monitor the Trump administration's handling of some $3 trillion in coronavirus relief efforts.

The investigative committee,"will be laser-focused on ensuring that taxpayer money goes to workers' paychecks and benefits," House Speaker Nancy Pelosi said during her remarks on the House floor. "It will ensure that the federal response is based on the best possible science and guided by health experts ."