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$310 billion in loans available through Paycheck Protection Program

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Paycheck Protection 2 04-27-2020

Eau Claire (WQOW) - If you're a small business owner looking for some financial relief during the pandemic, there's still time to get help.

Starting on Monday, you can apply for the second round of federal funding from the Paycheck Protection Program; another $310 billion.

The loan is designed to pay up to eight weeks of payroll costs including benefits, rent, and utilities.

The Small Business Administration, or SBA, defines small businesses as places with 500 employees or fewer, including nonprofits, veteran organizations and self-employed people.

Karlee Wallin, VP of small business lending manager of Royal Credit Union, said in the first round of funding, about $350 billion dollars were depleted within 12 days.

"Demand for this program has been extremely high and overwhelming," said Wallin. "Over the last week-and-a-half that this has been rolled out, Royal has received over 1,000 applications. So Royal Credit Union and every other financial institution that has chosen to participate have just been inundated with these applications."

Wallin said it's easier to apply with a financial institution you already have a relationship with.

Visit Royal Credit Union's website or SBA's website to find out what documents you need in order to apply.

Wallin said be sure to apply soon because she expects the second round of money to go even faster than the first. She added that Royal Credit Union administered $42 million in approved applications in the last round.

Katrina Lim

Katrina Lim joined the News 18 team in August 2019 as a multimedia journalist. She was born and raised in Jersey City, New Jersey but has lived in all time zones of the contiguous U.S.A.

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