Paycheck Protection Program kicks off second round of applications

Coronavirus

The second round of the Paycheck Protection Program went live at 7:30 a.m.

PORTLAND, Ore. (KOIN) — The next round of applications for small business stimulus money kicked off Monday morning.

The Small Business Administration says people can start applying for the second round of the Paycheck Protection Program Monday morning at 7:30 a.m. There’s multiple reports that they are expecting to be overwhelmed with applications, which shouldn’t come as a surprise — during the first round, the SBA says they gave out 14 years worth of loans in less than two weeks.

For round two, congress set aside $310 billion dollars for PPP and another $60 billion for economic injury disaster loans and grants. Like before, these loans are on a first come, first serve basis.

During the first round, the SBA approved nearly 19,000 loans in Oregon, worth just under $4 billion.

More information on PPP

These loans are to help businesses pay employees among other bills — even of they can’t reopen. That way it keeps people off the unemployment lines.

Sunday morning Treasury Secretary Steve Mnuchin said there are new guidelines to help get money to smaller businesses and not bigger companies. That was something very upsetting to many mom & pop shops during the first round, after the big guys walked away with the majority of the pie.

Even with new guidelines, the day will most likely be chaotic regardless.

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