IDAHO FALLS, ID / ACCESSWIRE / April 9, 2021 / The SBA has projected that second-round PPP funding could dry up by mid-April, and many lending institutions have rolled up their welcome mats.
But Bank of Idaho is bucking the trend, to the extent that the regional bank is now accepting applications from any business owner in the U.S.
"If you own a small business and have been on the fence about participating in the program, I'd encourage you to apply," said Bank of Idaho President and CEO Jeff Newgard. "While others have stepped back from PPP lending, we still consider it an important service. As a matter of fact, we recently created a new SBA department to devote more resources to that market."
The bank has made a mission of helping as many small businesses as possible via PPP lending. During the first month of the program, Bank of Idaho processed more than 1,000 loan applications, normally more than a year's workload.
"We did it without adding staff, without knowing what to expect, and for the most part without the benefit of physical collaboration," Newgard said. But even with nearly the entire staff working remotely, productivity soared, fired by a shared passion for small business. "My team delivered more than I would have dared ask of them. It was a defining season for us, and I think we came away even more determined and more courageous."
Initiated early-on in the pandemic crisis, PPP loans are credited with saving hundreds of thousands of American small businesses. Businesses affected by the Coronavirus pandemic could be eligible to receive a low-interest-rate loans under this program and can submit their application at https://www.bankofidaho.com/cares. PPP loans may be eligible for full or partial forgiveness if the money is used for qualifying costs and depending upon eligibility.
The PPP Extension Act, signed March 30 by President Joe Biden, lengthened the application period for the Paycheck Protection Program (PPP) by two months, giving borrowers until May 31 to apply. Currently, less than 25 percent of the $292 billion allocated to the program remain.
SOURCE: Bank Of Idaho Holding Co
View source version on accesswire.com: