Starting this morning, businesses hit hard by the coronavirus pandemic can begin applying for another round of financial help.

The next Paycheck Protection Program starts taking applications today.

A total of $284 billion is being allocated to help struggling businesses.

Businesses entering the program for the first time can have no more than 500 employees, and the limit for second-time borrowers is 300 workers.

Economists say the second PPP will once again give the economy a much needed lifeline. “It will mean fewer people applying for unemployment insurance and more people staying on the job,” says economic analyst Martin Cantor.

There will also be a special focus on low-income and minority-owned businesses. The maximum amount that can be borrowed this time will be $2 million.

The deadline to apply is March 31.