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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

Retirement Made Easy with Wilkerson

The store was a landmark in Topeka, Kansas, but after 80 years in business, it was time for Briman’s Leading Jewelers to close up shop. Third generation jeweler and owner Rob Briman says the decision wasn’t easy, but the sale that followed was — all thanks to Wilkerson. Briman had decided a year prior to the summer 2020 sale that he wanted to retire. With a pandemic in full force, he had plenty of questions and concerns. “We had no real way to know if we were going to be successful or have a failure on our hands,” says Briman. “We didn’t know what to expect.” But with Wilkerson in charge, the experience was “fantastic” and now there’s plenty of time for relaxing and enjoying a more secure retirement. “I would recommend Wilkerson to any retailer considering a going-out-of-business sale,” says Briman. “They’ll help you reach your financial goal. Our experience was a tremendous success.”

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