(CBS DETROIT) – Detroit businesses can now apply for loans of up to $2 million during the second round of the federal Paycheck Protection Program.

The city says this round focuses on women- and minority-owned businesses in low-income neighborhoods. Loans are available at 1 percent interest paid back over 30 years. Loans may be forgiven if spent on eligible expenses, primarily payroll.

READ MORE: GM, Toyota, Target, and Others Say They Will Still Enforce Mask-Wearing In Texas

During the first round, nearly $650 million was distributed to 5,412 Detroit businesses. The average loan was $120,000, and an estimated 58,000 jobs were preserved.

READ MORE: Volvo Announces All-Electric Lineup by 2030

Applications for the latest round of the program are being accepted through March 31 at Detroitmeansbusiness.org.

First Draw Eligibility

If you did not receive a loan in round one, here are the qualifications:

MORE NEWS: UAW Workers For Stellantis Expected to Get $8,000 in Bonuses
  • Small business with fewer than 500 employees or a sole proprietor
  • Were in operation by Feb. 15, 2020 and have a tax ID

Second Draw Eligibility

If you did receive a loan in round one, here are the qualifications:

  • Small business with fewer than 300 employees or sole proprietor
  • Was operating by Feb. 15, 2020 and have a tax ID
  • Demonstrate a loss of 25% in any quarter in 2020 compared to 2019
  • Round one funds must be spent before receiving round two funds
© 2021 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.