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Businesses began applying on April 27 for the second round of loans from the Small Business Administration’s Paycheck Protection Program.

The original round, worth $349 billion, ran out in less than two week. President Donald Trump signed a bill authorizing an additional $310 billion for the program.

The stimulus loans are designed to provide an economic lifeline for small businesses during the COVID-19 crisis. They’re meant to cover up to 10 weeks of payroll expenses, up to a maximum of $10 million.

Inc. notes that the loans “can be converted into forgivable grants so long as the company doesn’t lay off employees.”

More details of the program are available here.

The new round is expected to go quickly, just like the first. So if you plan to apply, experts advise doing so right away.

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Congress is now discussing a possible third round.

Watch a Today video about the second round of funding:

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This Third-Generation Jeweler Was Ready for Retirement. He Called Wilkerson

Retirement is never easy, especially when it means the end to a business that was founded in 1884. But for Laura and Sam Sipe, it was time to put their own needs first. They decided to close J.C. Sipe Jewelers, one of Indianapolis’ most trusted names in fine jewelry, and call Wilkerson. “Laura and I decided the conditions were right,” says Sam. Wilkerson handled every detail in their going-out-of-business sale, from marketing to manning the sales floor. “The main goal was to sell our existing inventory that’s all paid for and turn that into cash for our retirement,” says Sam. “It’s been very, very productive.” Would they recommend Wilkerson to other jewelers who want to enjoy their golden years? Absolutely! “Call Wilkerson,” says Laura. “They can help you achieve your goals so you’ll be able to move into retirement comfortably.”

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