Put round and round, that is what you can do with loose ends (3,2)
I believe the answer is:
tie up
This clue might be a double definition.
'put' is the first definition.
(I know that tie up is a type of put)
'round and round that is what you can do with loose ends' is the second definition.
The answer and definition can be both locations as well as being singular nouns.
Perhaps there's a link between them I don't understand?
Can you help me to learn more?
(Other definitions for tie up that I've seen before include "Impose restrictions on" , "relationship?" , "Invest in" , "End" , "Secure" .)