As you may have heard, $284 billion will be available through another round of the Paycheck Protection Program (PPP) to help businesses affected by the pandemic. These funds are available to eligible organizations as a second draw, but also if you have yet to receive PPP funds from round one.
Bank of Idaho is pleased to announce that our application is now live: https://www.bankofidaho.com/cares/
A Two-Day Head Start
A new provision within this round of funding gives banks with assets under $1 billion, such as Bank of Idaho, a two-day window to submit applications before larger financial institutions. This window means we can help you get your funds verified and approved quicker.
All PPP loans have a fixed interest rate of 1% and can be used for qualified expenses including payroll, rent, utilities and mortgage interest. What’s more, payments and the loan may be eligible for forgiveness.
In the first round of funding, the Bank of Idaho secured $96 million for Idaho business – and we’re hoping to help even more this time around. Even if you used a different financial institution last time, you can work with us now.
The application process can be complex, so we encourage you to contact us today. The sooner you get started, the sooner you can get funded.