White House and Congress agree on deal to resupply small business lending fund

The bill will reportedly allocate an additional $310 billion to the paycheck protection program

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Donald Trump and Nancy Pelosi at the 2017 inauguration
Donald Trump and Nancy Pelosi at the 2017 inauguration
(Pool / Getty Images)
Updated: April 21, 2020 - 2:59pm

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The White House and Congress on Tuesday reached an agreement on the terms for the bill that will add funding to the paycheck protection program, designed to help small businesses keep their staff employed during the pandemic, according to developing news reports.

The details of the deal are still emerging, but it is expected to total more than $450 billion, including roughly $310 billion for the Small Business Administration's Paycheck Protection Program, which was depleted last week as American small businesses continue to suffer through the virus-related lockdown.

The administration and congressional leaders have been locked in negotiations over this bill for two weeks, as the Democratic leadership held up the effort while fighting for more funding to be allocated toward hospitals and local governments. 

On Tuesday afternoon, President Trump urged Congress, via tweet, to pass the supplemental funding bill. He wrote that after the passage of this bill, the conversation will pivot toward funding state and local governments, in addition to some of the infrastructure projects he has been hinting at wanting to include as a part of the "Phase 4" bill. 

The Senate is expected to pass the bill unanimously by 4 p.m. Tuesday. It will then move to the lower chamber, which is expected to vote Thursday.

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