The U.S. Senate passed a $480 billion COVID-19 relief package on Tuesday. The package will help fund small businesses and hospitals, as well as expand coronavirus testing. The bill will reportedly allocate hundred of billion for businesses affected by the health crisis. 

The Senate passed the relief bill by voice vote. The bill will go to the House and is expected to be voted on by Thursday.

The new COVID-19 relief package is worth $484 billion---the latest in the administration's effort to prop up the economy amid quarantine-related closures. The bill follows previous financial packages, including the $2 trillion rescue package, $192 billion relief measure, and the $8.3 billion relief plan. 

Democratic leaders are also planning to present another coronavirus rescue bill.


Relief Bill Explained

The legislative text, which runs 25 pages long, allocates $310 billion to the Paycheck Protection Program, a loan designed to help small businesses keep workers on their payroll. Small business owners cried out after funding ran dry earlier this month. 

Banks prioritized existing customers and large restaurants, creating a problem with the program. Larger establishments received million in loans from the Paycheck Protection Program. At the same time, small businesses were not provided access to the funds.

Hospitals and health care providers who lost revenue and are struggling to stay afloat amid the COVID-19 crisis will be given $75 billion. Medical facilities conducting coronavirus testing will be provided $25 billion to help expand coverage. 

Lending facilities, including credit unions and small insured depository institutions, will be given $60 billion. The Emergency Economic Injury Disaster Loan Program will be provided with $10 billion. In comparison, Disaster Recovery Loans will receive $50 billion. 

A handful of Republican and Democratic senators voiced their opposition on the floor ahead of the vote. Rand Paul, a Kentucky senator, slammed the Senate for passing the package. He claims the virus bailouts will not stimulate the economy "strangled by the quarantine." 

"This economic calamity only resolves when we begin to re-open the economy," Paul said. 


Coronavirus Testing

The new relief package allocated $25 billion for COVID-19 testing facilities. According to the legislative text, the fund will go toward expanding research, manufacturing, and the capacity of tests. 

States and localities will be provided $11 billion for developing and processing more coronavirus tests. Federal health agencies and other entities will receive $14 billion to invest in new technologies and laboratory equipment. 

The bill requires state and localities to build a plan on how the money will be used and distributed for COVID-19 testing. 

Democrats are, however, pushing federal government agencies to take on a more significant role in conducting tests. They have repeatedly pushed for creating a specific national testing strategy despite President Donald Trump's emphasis that states need to oversee and coordinate testing. 

On a social media post, Trump announced his plans for the next legislative initiative. He proposed to address much-needed infrastructure investments, including bridges and tunnels. Restaurants, as well as the entertainment and sports industries, will also receive tax incentives. 


Check out the latest U.S. news: