From the blog

Senate passes bill to replenish SBA loan programs

The Senate today passed an interim spending bill that will replenish emergency aid programs for small businesses. The new bill allocates an additional $310 billion for the Paycheck Protection Program (PPP), which provides forgivable loans to small businesses. This program ran out of funds last Thursday, less than two weeks after it began accepting applications. $60 billion of this allocation will be set aside for community banks, credit unions, and community development financial institutions, with the goal that it will reach smaller businesses. This new bill also sets aside an additional $60 billion for the Economic Injury Disaster Loan (EIDL) program, to provide $50 billion in loans and $10 billion in emergency grants to small businesses. This program also ran out of funds last Thursday.
 
The bill now heads to the House of Representatives, which is expected to vote on the additional funding as soon as Thursday.
 
For more information on the PPP and EIDL programs, see the REALTOR® Relief page on C.A.R.’s coronavirus microsite.