Here's what small business owners should know before applying for PPP loans

HOUSTON, Texas (KTRK) -- A loan program to help small business owners reopened, but some said they feel tricked when they went to apply.

Ray Moon has been running Beechnut Auto Repair for 30 years, and he's trusting his hands to get him to 31. We don't mean by working on cars, but by submitting applications.

"I don't know if I can wait another month," Moon explained. "I just don't know what's going to happen."

Moon is trying to get a piece of the Payment Protection Program, also known as PPP. Starting Monday, small businesses with less than 500 employees can apply for a loan interest, forgivable loan. The first pot of money ran out quickly so Congress approved another $310 billion.

On Tuesday, the Small Business Administration confirmed to ABC13 that it processed $52 billion to businesses in the first 24 hours. In order to get money, owners apply through banks. But when Moon went to his bank, he saw it's not accepting new applications.

"I almost feel like I got tricked," Moon said. "I've been sitting around for a couple weeks waiting for Congress to do this, and the president to sign it."

ABC13 contacted Moon's bank, who told us it's going to allow him to apply. Some banks said they're overwhelmed with applications from the first round of PPP money. Once those applicants are helped, they will open the process, but you might want to consider looking elsewhere.

The SBA says there are 1,316 lenders in Texas it's working with. Moon said if it takes another bank to work with he will because he can't wait much longer.

"I keep watching the dollar amount in my bank account keep dwindling down," Moon said. That's what keeps me up at night, and keeps me tossing and turning."

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