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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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Wilkerson Testimonials

If It’s Time to Consolidate, It’s Time to Call Wilkerson

When Tom Moses decided to close one of the two Moses Jewelers stores in western Pennsylvania, it was time to call in the experts. After reviewing two candidates, Moses, a co-owner of the 72 year-old business, decided to go with Wilkerson. The sale went better than expected. Concerned about running it during the pandemic, Moses says it might have helped the sale. “People wanted to get out, so there was pent-up demand,” he says. “Folks were not traveling so there was disposable income, and we don’t recall a single client commenting to us, feeling uncomfortable. It was busy in here!” And perhaps most importantly, Wilkerson was easy to deal with, he says, and Susan, their personal Wilkerson consultant, was knowledgeable, organized and “really good.” Now, the company can focus on their remaining location — without the hassle of carrying over merchandise that either wouldn’t fit or hadn’t sold. “The decision to hire Wilkerson was a good one,” says Moses.

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