White House and Senate officials are closing in on a new coronavirus stimulus bill known as "phase 3.5" worth $470 billion, according to Fox News.
The bill will have a $310 billion set aside for Paycheck Protection Program, which gives grants to small businesses that can't pay their workforces.
“We won’t know if we are able to clear it by unanimous consent until we have a product," Senate Majority Leader Mitch McConnell, R-Ky., told Fox News during an interview. "The talks are continuing. ... And we're getting closer, and hopefully we'll have an agreement of some kind later today.”
Last Thursday, the $350 billion set aside for small businesses from the last stimulus bill ran out.
Another provision valued at $60 billion would be given to economic disaster loans, as well as $25 billion allocated to coronavirus testing and $75 billion for hospitals.
“It’s now been four days since the Paycheck Protection Program ran out of money. Republicans have been trying to secure more funding for this critical program for a week and a half now," McConnell said.
McConnell added: “At this hour, our Democratic colleagues are still prolonging their discussions with the administration, so the Senate, regretfully, will not be able to pass more funding for Americans’ paychecks today."
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