While those businesses and others have said they will return the money, the new round of funding includes provisions to make sure that doesn’t happen again. There was outrage that some public companies got loans, such as Ruth’s Chris, Auto Nation and Shake Shack. The loans, which are part of the government’s coronavirus relief package, don’t have to be paid back if they’re immediately used to meet pre-crisis payroll expenses. “The PPP is really for the employees and that’s what we’re really focused on," said Allan DeVault, managing partner of Black Sheep, Bellwether and Orsay restaurants. So, unless your application is already in at one of the larger banks like Chase or Wells Fargo, you’re going to want to check out some alternative options. JPMorgan Chase also says they have 150,000 applications ready to process. Bank of America reports they have $50 billion worth of applications ready to go through the second round. The second round of money is expected to go quickly. The loan program - which the Small Business Administration had to shut down on April 16 when the first $349 billion tranche ran dry in less than two weeks - opened again at 10:30 a.m.
– Another $310 billion is being added to the federal government’s Paycheck Protection Program so that lenders can offer more forgivable loans to small businesses.
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