Small businesses that need help covering payroll expenses should not wait to apply for federal funding available through coronavirus relief programs.

The Paycheck Protection Program, created through a relief package passed by Congress, has been swamped with applications. The U.S. Small Business Administration, which is overseeing the program, has already approved 880,000 applications totaling $217 billion, Fortune reports.

The Coronavirus Aid, Relief and Economic Security Act allocated $349 billion for Paycheck Protection Program loans to small businesses. That means approximately 62% of the available money has been claimed.

Treasury Secretary Steve Mnuchin has requested that Congress add to the fund. Leadership for both the Democratic and Republican parties have signaled an interest in increasing funding to small businesses, but negotiations so far have stalled. Speaker Nancy Pelosi said Democrats are looking for a portion of the funds be set aside for the groups most harmed by the pandemic, such as veterans, people of color, women and newer businesses, The New York Times reported. Democrats want to combine the funding with more relief for hospitals and local governments.

Meanwhile, White House economic advisor Larry Kudlow is predicting the PPP fund will run out by the end of the week, The Hill reports.

The PPP is for two-year, 1% interest, forgiveable loans that are deferred for six months. The loans are calculated by multiplying a business’s average monthly payroll by 2.5. They are forgiven if businesses retain staffing levels from before the coronavirus pandemic, and spend 75% of the funds on payroll.

READ MORE: Guide to federal small business loans: 9 expert tips on coronavirus relief funds

Experts said these loans are appealing because of the potential for forgiveness and record-low interest rates.

The deadline is June 30, but experts Jeffrey Scheer, a lawyer at Bond, Schoeneck & King, and Calvin Corriders of Pathfinder Bank, urged businesses to apply as quickly as they can.

“Everyone’s worried the money is going to run out,” Scheer said. The SBA is administering the loans on a first-come, first-served basis.

Experts recommend connecting with your existing bank or credit union to apply.

“The application process is quite simple," said Corriders. “I would encourage them to apply with their local lender as quickly as possible.”

Corriders said Pathfinder Bank already has processed hundreds of PPP applications.

READ MORE: Checklist for small businesses: What you need to apply for federal coronavirus relief

SBA district director Bernard Paprocki cautioned business owners about long waits due to the high volume of applicants for the loans.

Businesses should readjust their expectations, but not be deterred, he said.

“You have to be persistent and patient,” Paprocki said. "It’s going to be frustrating. Know that up front.”

Syracuse.com is following the economic crisis and compiling resources for local small businesses. Check back to our website regularly for more information. Got a question? Have a story to share? Contact Reporter Julie McMahon: Email | Twitter | 315-412-1992

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