The next phase of the federal government loan program known as the Paycheck Protection Program, created to help out small businesses hit by the coronavirus pandemic, launches on Monday, and analysts expect the $310 billion in funds to evaporate even more quickly than the first round, The Washington Post reports.
"Once the application portal reopens, there will be an immediate flood of tens of thousands of applicants. Maybe millions," said Juleanna Glover, a Washington, D.C.-based corporate public affairs adviser tracking the program. "I'd be surprised if this next tranche lasts even 72 hours."
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