The U.S. Senate passed legislation Tuesday to replenish funding for several coronavirus small-business relief programs championed by NAR and available to REALTORS®. The House is expected to take up the measure later this week.
Under the Senate agreement, the Paycheck Protection Program (PPP) will receive $310 billion in new cash, while the Economic Injury Disaster Loan (EIDL) fund will receive an additional $50 billion.
Many members and companies applied for the loans and were unable to receive them because the programs ran out of funds. Some banks in our area are not going to process additional loans as there are still many in the que that will be pushed through from the first round of funding – and they are unable to, for risk reasons, accept additional funds. If you are in banking or know of a bank that will still be processing the loans in the future, please reach out to us to share this information.