The legislation will deliver a $310 billion infusion to the Paycheck Protection Program (PPP), a forgivable loan program that ran out money last week amid skyrocketing demand from hurting small businesses. The Senate passed the legislation on Tuesday by voice vote.
The legislation passed 388 to 5, with one member voting present.
House Speaker Nancy Pelosi called the fourth bipartisan coronavirus legislation "historic" during a bill enrollment ceremony after the vote. Pelosi and Democratic leaders touted their efforts to extract concessions from the Senate and Trump Administration to target small business aid to minority-owned and disadvantaged businesses.
The legislation "took a giant step in loosening the hard grip of disparity of access to credit in our country," Pelosi said.
While both Republicans and Democrats supported the bill, they couldn't help but bash each other on the House floor in the hours leading up to the vote, accusing each other of playing politics by delaying the needed aid.
House Minority Leader Kevin McCarthy, R-Calif., said the additional funds for small businesses should have been passed immediately after the Trump Administration on April 7 asked for $250 billion in emergency aid because the small business loan fund was running out of money.
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McCarthy accused Pelosi of delaying the important aid for her additional demands at the cost of 4.4 million more Americans filing for unemployment benefits just last week -- bringing the total up to more than 26 million unemployment claims during the coronavirus pandemic.
"To those 4.4 million Americans that were laid off this week -- Congress owes you an apology," he said. "You did not have to have that happen."
But Pelosi and Democrats blasted the GOP for withholding vital support for hospitals and additional aid for disadvantaged small businesses, only to agree two weeks later.
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"To say we delayed this, no, you delayed this," Pelosi said, directing her ire at the Republicans and singling out Senate Majority Leader Mitch McConnell.
Despite the bickering about the timing and politics of the bill, the legislation marks another resounding bipartisan response from Congress in the fight against the pandemic that has infected more than 840,000 people in the United States and killed more than 46,000 Americans.
The first $8.3 billion bill signed into law March 6 focused on the public health response and the second bill established free testing, sick days and paid leave policies.
The third bill, the massive $2 trillion CARES Act, set up $1,200 one-time direct payments to most Americans, expanded unemployment benefits, provided $500 billion in corporate aid and $350 billion to the PPP small business program.
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