The package will provide more than 310 billion dollars in additional funding for the Paycheck Protection Program (PPP) to boost small business lending, as well as 75 billion dollars for hospitals and 25 billion dollars for coronavirus testing.
"I'm so proud of the work done by our team, working around the clock, to support over 2,100 small businesses and their 50,000 dedicated employees", Rory Ritrievi, Mid Penn Bank president and CEO, said.
Thousands of American jobs and small businesses depend on it. The Paycheck Protection Program ran out of money last week.
Other companies that walked away with small business loans include coal miner Hallador Energy ($10 million), windmill maker Broadwind Energy ($9.5 million) and pharmaceutical company Wave Life Sciences, whose parent company is based in Singapore ($7.2 million).
Bottom line: There is a tension with this program akin to what most rescue programs face - how do you kick as much money out the door as possible, as quickly as possible, while ensuring only the small businesses that truly need the money, get it?
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Hancock said an additional £22.5 million in funding will be made available for researchers at Imperial College, London .
The legislation allocates $30 billion of that funding for community-based lenders, small banks and credit unions, and an additional $30 billion for mid-sized banks and credit unions. Each of those companies received $10 million from the PPP, according to a CNBC report.
The inclusion of funding for testing is a win for congressional Democrats, who had blocked an earlier version of the bill for not including funds for that or for hospitals and states. That would send the measure to President Donald Trump for his signature.
State, local territorial and tribal governments will receive up to $11 billion in funds to develop, run and process COVID tests, boost laboratory capacity, trace contacts and help employer test workers for the virus.
The number of COVID-19 cases in the United States topped 800,000 Tuesday afternoon with more than 43,000 deaths, according to the Center for Systems Science and Engineering at Johns Hopkins University.