The Small Business Association launched round two of the Paycheck Protection Program on Monday with $310 billion. 

High demand overwhelmed the program again causing almost immediate processing delays and glitches.

This new round of funding includes $60 billion reserved for small community lenders and guidance on the eligibility of public companies as a result of many publicly traded companies receiving millions in funding, while true small businesses were completely shut out of the program the first time.   

Guidance and a new computer system were set up to help applications flow more smoothly, however, it was reported that the site began crashing almost immediately. 

Despite the frustrations, the SBA reported that they processed over 100,000 PPP applications submitted by more than 4,000 lenders. 

“Despite the new pot of cash, experts from the Consumer Bankers Association are already warning that demand is likely to deplete the program again in about four days, CNBC reports. According to the Association, it will take $1 trillion to fully meet the demand for loans from small businesses.” 

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