Paycheck Protection Program for small businesses restarts on Monday, expert warns it could go fast
ORLANDO, Fla. - Starting Monday, the Small Business Administration's Paycheck Protection Program restarts.
Last week, President Trump signed a bill providing about $310 billion more towards funding loans for struggling small businesses. This replenished the program, which ran out of money in less than two weeks. Many struggling small businesses were not able to get much-needed money.
For example, High Tide Harry's in Orlando applied for financial assistance but the application did not go through. They went on to furlough about half of its staff. The restaurant's owner told FOX 35 Orlando that "if I would have got that money that would have brought every single one of them back."
Financial experts encourage business owners to apply as soon as possible.
Certified Financial Planner Joe Bert spoke to FOX 35 News about the program on Sunday morning and he said that he does not anticipate the replenishment will last long.
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