'Apply quickly. It's expected to go very fast:' Small businesses race for lifeline loans when banks open Friday

When banks open their doors Friday morning, they expect a rush of business owners racing to ensure they get a lifeline loan from the $350 billion dollar stimulus package before money runs out.

For many businesses, this loan, which is part of the Paycheck Protection Program, could mean the survival of their company--and in many cases, business owners will leave the bank with a check in their hand immediately.

Banks feel unprepared to handle the chaos

Thousands of banks across the county have warned that they don't have enough rules to hand out those loans, and suggest 'utter chaos' could be pending. Banks said they will be flooded today as small business owners apply to receive a paycheck, which could be given to them as early as this afternoon. The check is meant to help them survive the next couple of months. It's all part of the $2 trillion dollar relief package signed into law last week.

The head of the North Carolina's Bankers Association said the program is really asking a lot of banks, and many banks aren't ready. Some banks like Chase said they may not be ready to start handing out the cash today because they're still waiting on guidance on how all of this will work.

The money is limited, so come prepared

Rick Smith, the editor of WRAL Tech Wire, said to apply fast if it's something that could help your business. "Apply quickly. Once this money is gone, there's no more. It's expected to go very fast. Get in, get early, get your paperwork early, cross your fingers and pray for the best."

Some businesses should consider checking with their financial advisors to determine whether taking out money from this loan is a wise decision and whether their business would benefit from taking on more debt in the long run.

Economists predict unemployment could become worse than during the Great Depression

With over 355,000 unemployment claims filed this week in North Carolina, the state unemployment office said they are processing about 20,000 jobless claims each day.

Nationwide, more than 6 million people filed unemployment claims last week, driving claims to nearly 10 million over a two week period. Some economists are saying that unemployment rates related to the pandemic could surpass the Great Depression.