Small Businesses need to apply quickly for second round of PPP loans

Small businesses that were left out of the first wave of SBA loans are being urged to quickly apply for the next round of loans available through the Paycheck Protection Program.

Of the $310-billion approved by Congress, $60-billion is earmarked for small lenders. Those include many of the banks and credit unions in eastern Idaho.

"We are rapidly going through that. The second includes a provision for $60-billion specifically for smaller community banks giving us more opportunities to help with small business customers," said Jeff Newgard, President and CEO, Bank of Idaho.

In the first round, Newgard said the Bank of Idaho approved nearly 1,000 loans for small businesses.

The businesses can use the loans to make payroll, pay mortgages, interest payments or rent and utilities.

To apply for the loan, businesses need to go through a local lender.

"Get your application in now. Do it rapidly and do it right. Make sure your information is complete. We are seeing in the second round more incomplete applications which slows the process down. You can potentially qualify for two and half times your monthly payroll expense," said Newgard.