Welcome to the Real Vision Daily Briefing.

I'm Nick Korea. It's Wednesday, April 22nd,

2020. We have Real Vision's Ash, Bennington and Roger Hurst standing by to give their

macro analysis, but before we go to them, let's go over

today's latest news in markets.

Yesterday, the Senate passed a new $484 billion coronavirus relief package for small businesses as well as additional

funding for hospitals and for nationwide testing. 320 billion of that will be going

to replenish the payroll protection program with 60 billion of that set aside for smaller

lending institutions and another 60 billion for the Small Business Administration's

disaster relief funds now making farms and other agricultural entities like ranches eligible for aid.

Based on how the last round of PPP loans was handled,

the SBA has received a lot of public criticism for which companies received aid, crowding out other small businesses who are in

desperate need of help. A Financial Times article had found that 83 public U.S. companies,

including Shake Shack, Potbelly, and Nikola Motor secured over 330 million dollars

altogether from the program, averaging 4 million per company, when the SBA had said that the

average loan would be $200,000 per recipient

Shake Shack has announced returning their $10 million loan and President Trump

has said that he'd ask for many of these companies to return their loans as well.

The bill also provides $75 billion for

hospitals and $25 billion for coronavirus testing. It outlines a mandate for the

Trump administration to create a national strategy for testing in order to support states and municipalities

with their own plans of action.

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