But the measure also includes billions to expand coronavirus testing and help keep states and hospitals afloat amid the pandemic.
The National Retail Federation (NRF) on Tuesday welcomed the legislation to increase funding for small business loans as "retailers continue to deal with catastrophic hardships from COVID-19".
Republicans complained Democrats had delayed the original version of bill, which included only money for small businesses. The bill provides an additional $310 billion towards the small business loan program.
Michael Cohen to be released from prison early over COVID-19
Federal data show that 14 inmates and seven staff members have tested positive at the Otisville prison where he is now located. Adler said it was his understanding that Cohen was among a number of inmates that will be released because of the pandemic.
Businesses with fewer than 500 employees can apply for PPP funding, which covers eight weeks of payroll and other expenses, and converts to grants if companies maintain their employees or rehire laid-off workers by June 30, and use three-quarters of the funding on wages.
Some small businesses were left scratching their heads on how major businesses such as the parent company that operates the Ruth's Chris Steak House chain of restaurants managed to qualify for loans.
President Trump, GOP lawmakers and banking industry advocates proposed adding more money to the program with no strings attached to pump out loans as quickly as possible.
United Kingdom coronavirus death toll rises to 14576
The UK is potentially facing another eight to ten waves of coronavirus before "herd immunity" is achieved, an expert has warned. The highest daily death toll reported in the United Kingdom was on April 9, when the government said 980 people had died.
"Forcing SBA to reprogram their processing systems could cause unnecessary delays and confusion for small businesses trying to save millions of jobs".
"These funds are sorely needed by small-business customers in urban, suburban and rural communities", said Rebeca Romero Rainey, president and CEO of the Independent Community Bankers of America (ICBA), a trade group for smaller banks. The two-year loans have 1 percent interest and no payments for six months.
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. But battle lines are forming over the next measure amid growing demands to help out state and local governments, the Postal Service and first responders.
How a barrel of oil came to be worth less than nothing
As Saudi Arabia, Russia and the USA all sought to increase supply, a massive dip in demand was waiting right around the corner. The sources said that this is the lowest since New York Mercantile Exchange (NYMEX) introduced oil futures trading in 1983.