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The Democratic-led House on Thursday was expected to vote in favor of a measure that provides more money for a coronavirus aid program for small business, with the move following the Republican-run Senate’s approval of the legislation on Tuesday.
President Donald Trump was expected to sign the bill into law quickly once the House had passed it. House lawmakers have returned to Washington, D.C., for the vote, which is slated to take place around 10 a.m. Eastern Time.
The bill, which comes after extensive negotiations between Democrats and Republicans, contains about $320 billion for a Paycheck Protection Program meant to help small businesses. It also has about $75 billion for hospitals, $25 billion for coronavirus testing and $60 billion for the Small Business Administration’s Economic Injury Disaster Loan program.
Republican Rep. Thomas Massie of Kentucky is expected to call for a roll-call vote on the bill on Thursday, after he made that move on March 27 as the House approved a $2.2 trillion relief package, the CARES Act. The office of House Majority Leader Steny Hoyer, the Maryland Democrat, said in a notice Tuesday that it did not expect House Republicans to allow passage to occur by a voice vote, therefore a recorded vote was likely.
“We expect that the bill will pass the House easily, and could be signed by Trump as early as Thursday afternoon,” analysts at Height Capital Markets said in a Thursday note.
The PPP initially received $350 billion last month and drew strong demand, with many small businesses reporting problems in getting the aid. It ran out of money last week, and the Trump administration and lawmakers on Tuesday reached a deal to replenish the program.
Washington has turned to battling over another coronavirus aid package. Top Democratic lawmakers are calling for a big package while Senate Majority Leader Mitch McConnell, the Kentucky Republican, is urging restraint — especially when it comes to more aid for state and local governments.
U.S. stocks DJIA, +0.74% SPX, +0.83% are trading well below their February peaks because of coronavirus-related worries, but they have rallied from their recent lows thanks in part to optimism around Washington’s aid efforts.
