Paycheck Protection Program for small businesses restarts on Monday, expert warns it could go fast

Paycheck protection program restarts on Monday

The first run of payments ran out in less than two weeks.

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."

Small businesses struggle during pandemic

FOX 35's Stephanie Buffamonte has the story.

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.