PIERRE, S.D. (WNAX) – The Small Business Administration has opened the application portal for the next round of Paycheck Protection Program loans.

Karl Adam, President of the South Dakota Bankers Association, says most banks are ready to help their customers.

The program was reauthorized in the economic stimulus plan passed by Congress just before Christmas.

Adam says this round should be less stressful than the process last spring.

Adam says many of the loans should convert to grants over time.

Adam says the loans have been well received and used by business owners.