ORLANDO, Fla. - More than $300 billion in additional relief funds for the Paycheck Protection Program is expected soon. Experts say small business owners need to be prepared to submit their applications quickly.
The Paycheck Protection Program was meant to help small businesses during the pandemic. The initial $349 billion for the Paycheck Protection Program ran out on April 16. An additional $320 billion is expected to be signed by President Trump this week.
Small business owner N. Diane Holmes applied for the funds on April 6 and received the money a week later. She used the funds to pay her employees at N. Diane Holmes, P.A. Family Law Group.
"We need to make payroll. We need to pay the people that work for us we need to keep the lights on, we need to pay the rent," Holmes said. "We need to stay in business long enough to get through this crisis."
She advises small business owners to get their paperwork together so they can quickly apply when funds are available again.
"Do not delay," Holmes said. "Fill out the form. Provide the documents that you need to provide to your bank.
If a business didn't make the first round of funding, Certified Wealth Strategist Kat Almulla suggests applying through two different banks for the second round. She says it would increase a business's chances of getting the loan.
"Be ready when you see the new package is approved go in and apply so you’re one of the first in line," Almulla said. "You can apply to multiple banks. You will only get one loan and you can only accept one loan. One will move quicker and that’s the one you want to pursue."
Almulla said based on her conversations with clients and other finance professionals she believes people who have a relationship with a local bank are getting approved for loans sooner.