President Trump signed into law the Paycheck Protection Program (PPP) and Health Care Enhancement Act Friday, which provides additional funding for American workers and small businesses during the COVID-19 pandemic.

Applications for PPP loans reopened 10:30 a.m. Eastern time Monday, April 27.

Agricultural economists and lenders encourage farms and other agribusinesses to apply immediately.

Run by the Small Business Administration, PPP loans are forgivable and designed to support payroll so small businesses can keep workers employed.

The last batch of PPP funding ran out in 14 days. Todd Van Hoose, president and chief executive officer for the Farm Credit Council, predicts this second batch, $310 billion in loans, will run out within 72 hours.

“It’s going to be a race,” said Van Hoose, “and I sure hope farmers access more of the money this time.”

The Farm Credit Council advises farmers and ranchers to contact their local lender institutions as soon as possible to apply.

The new aid package also adds $60 billion to the SBA’s disaster relief fund: $50 billion in loans, including economic injury disaster loans (EIDL), and $10 billion in grants. Farms and other agricultural enterprises will be eligible to apply, but the application portal on SBA’s website is not yet open.

SBA’s press director Carol Wilkerson told the Capital Press Monday the SBA will resume processing EIDL Loan and Advance applications that are already in the queue on a first-come, first-served basis and will provide information “as soon as possible” about the availability of the EIDL portal to new applications.

“The Trump Administration is fully committed to ensuring that America’s workers and small businesses continue to get the resources they need to get through this challenging time,” U.S. Small Business Administration Jovita Carranza said in a statement.