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| Jeff Newgard |
Originally scheduled to expire at the end of March, the extension gives small businesses until May 31 to apply for PPP loans and gives the Small Business Administration until June 30 to consider applications.
"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 many other institutions have stepped back from their PPP lending programs, we still consider it an important service – as a matter of fact, we recently created a new SBA department."
Initiated early in the pandemic crisis, PPP loans are credited with saving hundreds of thousands of American small businesses. This first round of loans deadlined in 2020.
The second round opened for application in January 2021. 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.
For the second round, SBA removed a cap on small loans to encourage lenders to work with smaller borrowers. Also, $15 billion was set aside for lending institutions with less than $1 billion in assets, and another $15 billion was earmarked for banks with less than $10 billion. Second-round applicants are limited to loans under $2 million, with a total loan amount from both rounds under $10 million.
