While it has lasted more than 48 hours, the second round of funding for Paycheck Protection Program (PPP) loans is still going fast, as it took just one week to use up more than half the money. CNN is reporting that since the program reopened last week, about $175 billion of the $320 billion allocated for the program has already been given out.

The PPP was the subject of heated criticism during its first round, as funding meant for mom-and-pop shops was scooped up instead by large corporations. While the government reported that 74 percent of loans issued were for under $150,000, Bloomberg at the time said the data also showed that 2 percent of the firms approved for loans accounted for almost 30 percent of the funding. Meanwhile, 9 percent of companies got loans of at least $5 million.

NPR has reported that, despite new guidance warning large firms to stay away from the money this time, many are still lining up alongside hair dressers, plumbers and cake shops, though not to the extent that they were before. Compared to the first round, the average size of a loan is $79,000, compared to $206,000, indicating that smaller businesses are making up a greater proportion of small business loans. At the same time, loans of more than $2 million, generally indicative of a large business, remain a sizeable chunk of total funds disbursed, going from 25 percent then to 16 percent now. Overall, there have been 7,500 of such loans, compared to 25,000 the last time.

Recognizing that this money could run out just as quickly as the last, White House Economic Adviser Larry Kudlow hinted that a third round of funding might be in order. By the time this happens, however, many more businesses  will have already closed. A recent poll of 2,200 small business owners across America, found that 31 percent say they can operate only a few months or less under current conditions; 7 percent said they'd be out of business in less than a month; and 6 percent said they won't last another week. Of these business owners, 45 percent said they applied for aid. but only 13 percent of them said they ultimately got it.