The U.S. Senate on Tuesday approved more than $300 billion in new funding for a loan program meant to save small businesses while the coronavirus decimates the economy.

The money is part of a $484 billion relief bill, which adds to the more than $2 trillion in stimulus money that lawmakers approved last month. The new package specifically provides $310 billion in additional funding for the Paycheck Protection Program (PPP). The program provides forgivable loans to businesses with 500 or fewer employees, as well as independent contractors, making it a potential lifeline for millions of people in the real estate industry.

The original stimulus bill had allocated about $349 billion for the PPP, but that money ran out in less than two weeks. Numerous people who applied for the loans — including many in the real estate industry — subsequently complained that they never got any money, or even heard back after applying for the funding.

Congress began debating how to replenish funding for the PPP before the first pot of cash ran out, though partisan splits initially emerged over who exactly should get the aid. However, senators from both parties ultimately supported the new stimulus bill Tuesday.

In a tweet, Sen. Majority Leader Mitch McConnell touted the bill’s bipartisan support while also criticizing Democrats.

Some solutions have begun to emerge, including at least one non-bank lender building a portal specifically to accept applications from people like real estate agents.

In any case, and despite the program’s shortcomings, the best thing real estate professionals can do at this point is simply contact a lender — or, multiple lenders — and submit an application so that they’re in line when the next round of money starts flowing.

Email Jim Dalrymple II

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