The Senate is scheduled to come into session at 4 PM ET today, signaling that the Administration and Congressional Democrats have almost finalized a deal on a supplement package to “Phase 3,” the CARES Act. The legislation that was being hammered out overnight is approximately $500 billion in total and was prompted primarily by the program designed to help small businesses in the CARES Act running out of money.
This new bill includes an infusion of approximately $300 billion for the small business program and includes, among other provisions, additional funds for hospitals and to expand testing capabilities. While there is no new funding for states and localities, it does allow for more flexibility for those entities to use the $150 billion they received in CARES.
Anticipating Senate passage, the House leadership has alerted House members that a vote could take place on the measure on Thursday, allowing enough time for them to get back to D.C. Like the vote on the CARES Act, which could not be passed by “unanimous consent” because of an objection, a recorded vote on this measure may be needed as well.
Read more about the developments in the Washington Post and here in Politico.
Even with this package being finalized, conversations about a “Phase 4” bill are still taking place.