President Trump Signs $484 Billion Package To Help Small Businesses, Hospitals & Expand Testing

MINNEAPOLIS (WCCO/CNN) -- President Donald Trump on Friday signed a $480 billion package to deliver aid to small businesses, hospitals and to expand COVID-19 testing.

The U.S. house passed the measure 388-5 on Thursday. It's the latest attempt by lawmakers to blunt the devastating impact of the pandemic.

The total price tag of the bill is approximately $484 billion. It will add to the already historic levels of spending to deal with the pandemic by authorizing an additional $310 billion for the Paycheck Protection Program, which was set up to help small businesses struggling from the economic deep freeze triggered by coronavirus. Funding for the program ran dry earlier this month, prompting an outcry from
the business community.

In addition, the legislation provides $75 billion for hospitals and health care providers to address coronavirus expenses and lost revenue and $25 billion to facilitate and expand Covid-19 testing. The increased funding for testing comes at a time when there is widespread recognition that testing capacity must increase and improve as states consider when to reopen businesses and lift stay-at-home orders.

The legislation, though referred to as an "interim" measure by lawmakers, amounts to the latest historic effort by Washington to prop up the economy on the heels of a more than $2 trillion rescue package along with other relief measures already approved by Congress.

This is a developing story, follow the latest on CBS News.

(© Copyright 2020 CBS Broadcasting Inc. All Rights Reserved. CNN contributed to this report.)