WASHINGTON, DC – Today, the president signed into law a $484 billion ‘COVID 3.5’ package directing billions of federal dollars in relief to Rhode Island workers, small businesses, hospitals, health systems, and boost the state’s novel coronavirus (COVID-19) testing capacity.

The measure was unanimously approved by the U.S. Senate on Tuesday, approved by the U.S. House of Representatives on a 388-5 vote yesterday, and signed into law this afternoon.  This marks the fourth coronavirus-related piece of legislation to become law since March and increases the federal commitment to responding to COVID-19 to more than $2.4 trillion.

“We were able to make some much-needed improvements to this interim bill, which offers another infusion of resources, but still leaves too many people and long-term solutions out. Our hospitals, workers, small businesses, and communities are being pushed to the brink.   Republican Majority Leader McConnell is suggesting bankruptcy as an alternative to additional flexible federal assistance.  That’s a terrible approach and it’s up to him and the administration to do something for states and localities other than to just say no.  This is a pandemic and a truly national emergency that requires a national response and strong support from the federal government to ensure no one gets left behind.  We need to act quickly and boldly and invest wisely,” said Senator Reed. 

Key elements of the interim emergency ‘COVID 3.5’ law include:

• $310 billion in additional assistance to small businesses through the Paycheck Protection Plan (PPP), with $60 billion channeled through community-based financial institutions that serve minority-owned, women-owned, and veteran-owned small businesses in communities across the country, and improvements to ensure all eligible small businesses can access this critical funding and are not turned away by financial institutions;

• $75 billion for health care providers such as hospitals, community health centers, and nursing homes, providing desperately needed resources to the frontlines of this crisis;

• $50 billion for Economic Injury Disaster Loans (EIDL) and grants and $10 billion for grants of up to $10,000 each that disaster loan recipients can obtain;

• $25 billion to help boost COVID-19 testing.  And requires the Trump Administration to submit to Congress a federal COVID-19 strategic testing plan.

With many Rhode Island families are struggling with lost jobs, increased hunger, and the potential for foreclosure, eviction, and utility shutoffs, Senator Reed is urging Congress to include additional comprehensive assistance in a CARES Act II package.

“I believe we need to do another bill because there is still unmet need and the programs we quickly put together for the CARE Act in March, such as PPP and Pandemic-UI need improvements.  We also clearly know more must be done for healthcare, frontline workers, and housing.  We found a bipartisan way forward so far and I hope that continues, but it’s going to take the American people telling Congress to make these kinds of investments.  We are a great nation.  We’ve overcome challenges in the past, and we can do it again.”

In addition to the COVID 3.5 measure signed into law today, Congress has already enacted three previous COVID-19 laws: the Coronavirus Aid, Relief, and Economic Security (CARES) Act on March 27; the Families First Coronavirus Response Act on March 18; and the Coronavirus Preparedness and Response Supplemental Appropriations Act on March 6.