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Second round of paycheck protection program hopes to provide relief

This time, businesses have to prove they can't get other funding, and hedge funds and private equity firms are no longer eligible.

CHARLOTTE, N.C. — Business owners are still struggling to get the money they so desperately need, but Monday they could get some help.

The next round of the paycheck protection program goes live Monday. Businesses across the country will be trying to get their portion of the $310 billion pot. The first round of $349 billion dried up in 13 days.

The paycheck protection program is designed to help small businesses with fewer than 500 people, but there is concern it could again be quickly tapped out by the number of applications. 

Charlotte restaurants Haberdish, Crepe Cellar, and Growlers Pourhouse are all still offering takeout.

"We have about 10 people at each place still working so it's really helping keep them employed," NoDa Restaurant owner Jeff Tonidandel said.

Tonidandel and his wife own several NoDa restaurants. Their loan application didn't make it through last time. Now, they're banking on the second round of the paycheck protection program. 

"Hopefully we're at a good spot in line, we were very close on the day that it got cut off," he said.

Earlier this week, more money was pumped into the fund, it's cash that will make a big difference for small businesses. 

"We definitely want to bring back as many employees as we can, use it the best way we can" Tonidandel said.

During the first round, dozens of publicly-traded companies received a cut. But this time, businesses have to prove they can't get other funding, and hedge funds and private equity firms are no longer eligible.

Tonidandel and Brown now hoping they can get the help they need. 

"We love the restaurant industry, we love our businesses, we love our people, so we want to do this for many years to come," Tonidandel said.

Some of the biggest banks say there are concerns the system could go down when applications start coming through. 

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