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Video: Applications Open for 2nd Round of Paycheck Protection Program

An additional $310B is available for small businesses.

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Made to Last

Published

4 years ago

April 27, 2020

INSTORE Staff

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.

Congress is now discussing a possible third round.

Watch a Today video about the second round of funding:

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Why This Jeweler Chose Wilkerson

Mark Lauer is the owner of Mark Michael Diamond Designs, the Minnesota-based jewelry gallery known for exceptional and uniquely designed diamond jewelry. Though he loved creating the beautiful jewelry his business was known for, retirement was an exciting alternative to the 60+ hours a week he’d spent building it up. He called Wilkerson to help with a retirement sale. “I did talk to two other companies, but I just didn’t feel they offered the same services that Wilkerson did,” he says. “I knew Wilkerson had the expertise to follow through and give me the service and results that I wanted. They’re the number one rock stars in this industry.”