On Tuesday, April 21, the Senate approved a total of about $484 billion in additional federal funding for coronavirus relief. The new bill includes $310 billion designated for small businesses. The additional funding will serve as part of the previously-exhausted Paycheck Protection Program, which was initially created as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act passed on March 27. The program ran out of money on April 16.

Following tense negotiations between Democrats and Republicans, a bipartisan agreement was reached on the new bill, known as the Paycheck Protection Program and Health Care Enhancement Act. It is expected to be signed into law later this week.

The bill approved by the Senate includes:

• $310 billion for the Paycheck Protection Program, including $30 billion allocated specifically to community lenders, small banks and credit unions, and $30 billion to medium-sized banks and credit unions.

• $60 billion for the U.S. Small Business Administration’s Economic Injury Disaster Loan Program (EIDL), which includes $10 billion in emergency grants for businesses.

• $75 billion in resources for hospitals, including personal protective equipment.

• $25 billion for COVID-19 testing.

The U.S. House of Representatives will take the bill to a vote. If passed, the bill then goes to President Trump, who is expected to approve it.

The original $349 billion earmarked for PPP loans was depleted just 13 days after lenders began accepting applications. Critics of the initial program say the money was unfairly apportioned to businesses that may have had other resources to stay solvent. There is also concern that larger banks locked out potential borrowers by giving their existing lending customers priority. Additionally, recently filed class-action lawsuits allege that banks gave priority to applications for larger PPP loans, rather than evaluating them on a first-come, first-serve basis.

The new proposed bill includes $310 billion in PPP funding, and additional rules to ensure small businesses take priority when distributing funding. Democrats say they pushed hard for the provision setting aside $60 billion for community lenders and credit unions that cater to local businesses, since many of these smaller companies—including women- and minority-owned businesses—said they were shut out of the initial phase of funding.

Another $60 billion will go to the EIDL program, a separate program administered by the SBA offering disaster relief for small businesses. Of the total funding allocation, $50 billion will go toward loans and $10 billion toward emergency grants. Farms and other agricultural businesses with no more than 500 employees are newly eligible to apply.

If you’ve already applied for a loan via the PPP or the EIDL program—or both—contact the bank where you applied immediately. Ask if the bank still has your application and if it will be resubmitted to the SBA when the process restarts. You can only apply for one PPP loan, so if your application is in queue with the bank, you’ll have to wait to get funding until the bank submits it. Small businesses are encouraged to apply for PPP or EIDL funding as quickly as possible, as funds are likely to run out again.

For more information on available federal programs, visit https://www.sba.gov/funding-programs/loans/coronavirus-relief-options.