What's in the 'Phase 3.5' coronavirus stimulus package, and will there be another one?

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The $484 billion coronavirus "Phase 3.5" relief bill passed by the Senate on Tuesday, if approved by the House of Representatives and signed into law by President Trump as expected, would amend the CARES Act and replenish the small business rescue program known as the Paycheck Protection Program (PPP).

Additionally, the package would provide hospitals with another $75 billion and implement a nationwide virus testing program to facilitate reopening the economy.

Treasury Secretary Steven Mnuchin said he expects this to be the last wave of payments to small businesses. He told reporters that the PPP had saved some 30 million jobs. However, Democrats are already calling for a "Phase 4" bill, with priorities including funding for state and local governments and their pension plans, rental assistance, election integrity, the U.S. Postal Service.

A summary of the "Phase 3.5" package, which largely amends the previous stimulus legislation, follows.

FULL TEXT OF FINAL BILL

Amendments to the Paycheck Protection Program (PPP), Economic Injury Disaster Loans, and Emergency Grants

This portion of the legislation would:

  • Expand the authorization level for the Paycheck Protection Program from $349 billion to $659 billion.
  • Increase the appropriation level for the Paycheck Protection Program from $349 billion to $670.335 billion.
  • Increase the authorization level for the Emergency Economic Injury Disaster (EIDL) Grantsfrom $10 billion to $20 billion.
  • Allow agricultural enterprises as defined by section 18(b) of the Small Business Act (15 U.S.C.647(b)) with not more than 500 employees to receive EIDL grants and loans.
  • Create a set-aside for Insured Depository Institutions, Credit Unions, and Community Financial Institutions for the PPP. Community Financial Institutions are defined as minority depository institutions, certified development companies, microloan intermediaries, and state or federal credit unions.

The section provides additional funding for the PPP through:

  • $30 billion for loans made by insured depository institutions and credit unions that have assets between $10 billion and $50 billion
  • $30 billion for loans made by community financial institutions, small insured depository institutions, and credit unions with assets less than $10 billion.

TENSIONS FLARE AHEAD OF SENATE VOTE APPROVING 'PHASE 3.5' BILL

$100 billion in new Health and Human Services (HHS) funding

  • $75 billion for reimbursement to hospitals and health care providers to support the need for COVID-19 related expenses and lost revenue. Language remains the same as CARES Act. This funding is in addition to the $100 billion provided in the CARES Act.
  • $25 billion for necessary expenses to research, develop, validate, manufacture, purchase, administer, and expand capacity for COVID-19 tests. Specific funding is provided for: $11 billion for states, localities, territories and tribes to develop, purchase, administer, process and analyze COVID-19 tests, scale-up laboratory capacity, trace contacts and support employer testing. Funds are also made available to employers for testing. $2 billion provided to states consistent with the Public Health Emergency Preparedness grant formula, ensuring every state receives funding $4.25 billion provided to areas based on the relative number of COVID-19 cases $750 million provided to tribes, tribal organizations and urban Indian health organizations in coordination with Indian Health Service.
  • $11 billion for states, localities, territories and tribes to develop, purchase, administer, process and analyze COVID-19 tests, scale-up laboratory capacity, trace contacts and support employer testing. Funds are also made available to employers for testing. $2 billion provided to states consistent with the Public Health Emergency Preparedness grant formula, ensuring every state receives funding $4.25 billion provided to areas based on the relative number of COVID-19 cases $750 million provided to tribes, tribal organizations and urban Indian health organizations in coordination with Indian Health Service.
  • $2 billion provided to states consistent with the Public Health Emergency Preparedness grant formula, ensuring every state receives funding
  • $4.25 billion provided to areas based on the relative number of COVID-19 cases
  • $750 million provided to tribes, tribal organizations and urban Indian health organizations in coordination with Indian Health Service.
  • $1 billion provided to Centers for Disease Control and Prevention (CDC) for surveillance, epidemiology, laboratory capacity expansion, contact tracing, public health data surveillance and analytics infrastructure modernization.
  • $1.8 billion provided to the National Institutes of Health to develop, validate, improve and implement testing and associated technologies; to accelerate research, development, and implementation of point-of-care and other rapid testing; and for partnerships with governmental and non-governmental entities to research, develop, and implement the activities.
  • $1 billion for the Biomedical Advanced Research and Development Authority for advanced research, development, manufacturing, production, and purchase of diagnostic, serologic, orother COVID-19 tests or related supplies.
  • $22 million for the Food and Drug Administration to support activities associated with diagnostic, serological, antigen, and other tests, and related administrative activities;
  • $825 million for Community Health Centers and rural health clinics;
  • Up to $1 billion may be used to cover costs of testing for the uninsured.

The package further:

  • Includes $6 million for HHS Office of Inspector General for oversight activities.
  • Requires plan from states, localities, territories and tribes on how resources will be used for testing and easing COVID-19 community mitigation policies.
  • Requires strategic plan related to providing assistance to states for testing and increasing testing capacity

CORONAVIRUS TIMELINE SHOWS FLIP-FLOPS BY DEMS, MEDIA

Expanses of emergency disaster loans

  • Appropriates an additional $2.1 billion for the Salaries and Expenses account to remain available until September 30, 2021.
  • Appropriates an additional $50 billion for the Disaster Loans Program Account to remain available until expended.
  • Appropriates an additional $10 billion for Emergency EIDL Grants to remain available until expended.

Fox News' Chad Pergram and Mike Emanuel, as well as The Associated Press, contributed to this report.