Second Round of Small-Biz Loan Program Kicks Off With Site Issues

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Music companies, independent contractors and sole proprietors can now apply for Payroll Protection Plan, funding for small businesses allocated by the CARES Act. A second round of funding totaling $484 billion was passed by the House of Representatives and signed by President Trump on Friday.

Demand could be high after the initial $350 billion allocation ran out in 13 days: Monday morning traffic had crashed E-Tran, the SBA website that authorizes PPP loans, according to CNBC.

Applicants should not assume second-round funds will be available for long, says Bart Herbison, executive director of the Nashville Songwriters Association International. "If you don't get your payroll protection in, you won't get any of the funds. First come first served means exactly what it says."

The submission process varies for each of the 2,500 banks that submit applications for the Small Business Administration.

"It's important to properly fill out applications with accurate information to get in line," says Herbison. "When you get stuck on the question, don't fill it out, call your bank and ask."

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