The House of Representatives on Friday afternoon passed the $2-trillion economic stimulus package, which includes $367-billion in forgivable loans for small businesses, meant to help the economy as the country battles the coronavirus.
The House passed the measure in a voice vote, meaning the representatives didn’t actually have to physically come into the Capitol to pass the measure. The Senate passed the bill in a 96-0 vote just before midnight on Wednesday.
[Related: Editorial: New government loan program for small business lends a hand, promises some forgiveness]
President Donald Trump has indicated he plans on signing the bill.
Among the provisions in the bill is a measure to provide loans of up to $10 million to businesses with less than 500 employees, to cover expenses — including payroll — for about eight weeks. The loans are forgivable if businesses meet certain conditions, including avoiding layoffs.
