US Senator Chuck Schumer, a Democrat from New York, said a deal was all but certain on replenishing the Paycheck Protection Program to rescue small businesses hard hit by the coronavirus crisis (SAUL LOEB)

Washington (AFP) – US President Donald Trump on Tuesday urged Congress to swiftly pass a deal worth more than $450 billion that replenishes an emergency fund to rescue small businesses ravaged by the coronavirus crisis.

The effort would be the government’s latest massive cash injection into the teetering economy amid struggles to contain a pandemic that has killed 42,000 Americans and left millions jobless.

“I urge the Senate and House to pass the Paycheck Protection Program and Health Care Enhancement Act with additional funding for PPP, Hospitals, and Testing,” Trump tweeted.

Top Senate Democrat Chuck Schumer said negotiations were all but finalized on refilling the coffers of the popular small business program, and that the Senate could vote on the deal during Tuesday’s brief session at 4:00 pm (2000 GMT).

“There are still a few more I’s to dot and T’s to cross, but we have a deal,” Schumer told CNN. “And I believe we’ll pass it today.”

The measure would then go to the House of Representatives, where leaders said a vote could occur Thursday. It would head to Trump’s desk for his signature.

Late last month, with many shops and restaurants nationwide forced to shutter due to the pandemic, the government launched the PPP to provide $350 billion in what were essentially grants as long as businesses use the funds to pay their workers.

Banks were flooded with requests, and the money quickly ran out.

The new tranche would include $300 billion in small business funding, plus $75 billion for hospitals and $25 billion to expand coronavirus testing.

On testing, “you need a national strategy,” Schumer said.

He added that Trump, Treasury Secretary Steven Mnuchin and acting chief of staff Mark Meadows had “agreed to that, to their credit, and it will be in the proposal.”

The deal also reportedly would provide roughly $60 billion in disaster recovery loans and grants.

– Key Democratic demand left out –

Republicans wanted to pass a clean measure to fund just the small business program, but Democrats successfully fought to include testing and hospital funding.

Schumer said considerable PPP money will be reserved for minority-run small businesses and those without access to large financial institutions.

The deal leaves out a key Democratic demand: extra funding for state and local governments battling the pandemic.

Trump said he wants such funding included in “the next Legislative Initiative.”

The 100-member Senate has postponed full sessions until May 4.

It could pass the interim package Tuesday in the pro forma session, which usually features few lawmakers but can pass legislation if there is unanimous consent.

A vote in the House, also on recess, appears more complicated. 

The House is unlikely to pass the job-saving package by unanimous consent and so will have to convene a session where at least half of the members attend.

A vote in such a session “is likely in the House this week,” number two Democrat Steny Hoyer said Monday in a letter to members.

Disclaimer: Validity of the above story is for 7 Days from original date of publishing. Source: AFP.