In 14 days, the Small Business Administration processed 14 years' worth of loans, in the first round of funding for the Paycheck Protection Program.

More than a month into round two, there's more than $120 billion still left unallocated for small businesses.

Since the average loan amount has fallen in value from the first round of funding, to $114,000, some say the capital is reaching truly small businesses.

But the question remains — why has funding demand dampened in round two, when many small businesses are still hurting.

Small business borrowers need to spend 75% of the loan on payroll and the remaining 25% on other expenses such as rent and utilities, and use the loan within eight weeks of disbursement, among other rules, in order to avoid repayment, which means they may be reluctant to apply.

The CBA is calling on Congress to forgive loans of less than $150,000 in part to encourage small businesses to borrow and begin using the money.

Hunt said that while borrowers have received the loan and may be waiting to use it, it's unlikely that other potential changes from Congress to the 75/25 formula and the time period in which to use the loan will encourage more borrowing in round two.

Recent National Federation of Independent Business survey data of its membership show that most small businesses interested in the loan have already applied for it.