Paycheck Protection loan application deadline extended to May 31

Jeff Newgard

The PPP Extension Act, signed Tuesday by President Joe Biden, will lengthen the application period for the Paycheck Protection Program (PPP) by two months.

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.

I.F. Downtown Development names social media, marketing specialist

Gibby Smede

The Idaho Falls Downtown Development Corporation (IFDDC) has brought on Gibby Smede, a local artist, as its social media and marketing specialist. Smede will be responsible for communications and social media campaigns to promote downtown Idaho Falls.

Smede is the creator of Pugsslane Alley in downtown Idaho Falls and joins IFDDC in an exceptional time of growth and progress. Construction projects over the last four years have been well under way with the completion of The Broadway development, the Downtown Event Center and the Bonneville Apartments, which have brought new life to the historic Hotel Bonneville, first built in the late 1920s.

A handful of new businesses plan to open in mid-to-late summer this year and construction projects that began before the COVID-19 pandemic have begun to make good progress, said Catherine Smith, IFDDC's executive director. With a focus on social media reach, Smede’s work will be focused on IFDDC's mission to advance downtown as the regional center for commerce, culture and leisure activities.

“We are optimistic the good work of IFDDC will continue as we move forward on projects that will thrive with Gibby’s creative eye and colorful talents," Smith said. "Public art installations are planned for this summer and new marketing efforts to promote the cultural and historic center of Idaho Falls will benefit from Gibby’s talents.”

For more information about IFDDC, visit http://downtownidahofalls.com.

Idaho Falls Power begins major 161kv powerline construction

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Bear Prairie

 power project more than four decades in the making is getting underway in Idaho Falls that will improve power transmission capacity and provide critical redundancy to the power system throughout Idaho Falls and across east Idaho.

Originally conceptualized in the 1980s, Idaho Falls Power (IFP) started examining routing options and public outreach to determine the best routes for the second half of a major 161kv power line built along the southern portion of Idaho Falls.

In 2011 IFP paused work on the project as the utility addressed legal challenges and focused on working with landowners to pursue additional land acquisitions and rights-of way for the 14-mile-long project.

“Obviously this is a large and critically important project for Idaho Falls and the surrounding area,” said Idaho Falls Power General Manager Bear Prairie.  “Our residents and businesses depend on our ability to provide stable and reliable sources of power.  We can produce all the energy in the world, but without a way to transmit that power to our customers, it’s of no value.  This project provides a must needed key element to a reliable power system to carry energy to critical areas of growth in and around the city.”

In 2017, IFP partnered with Rocky Mountain Power on the project to make it a dual use line that will also serve the growing needs of RMP customers. In addition to circling Idaho Falls to the north, RMP will also build an additional line that will improve service to their customers in Eastern Idaho.

The line will provide critical transmission upgrades and service capabilities for IFP customer’s around the rapidly growing north and west side of Idaho Falls. The line will connect to the existing Sugarmill substation along Hitt Road and extend north across Lincoln and Yellowstone.  The line will cross over U.S. Highway 20 near 25th then travel to the west and across the Snake River.

The power line will then connect to a new IFP substation, which is also currently under construction, near Idahoan Foods and the Upper Power Plant off of West River Road in the northwest area of Idaho Falls along the Snake River.

Summit Line Construction, the contractor for the project, has been drilling holes along the new route in order to provide foundations for the new poles to be installed.  Concrete pouring for those foundations will begin soon, and installation of the poles should begin sometime in the next six to 12 weeks, depending on conditions.

IFP anticipates that the project will be completed and ready for service by this fall.

Bank of Idaho names new v.p. and trust officer

John Kociolek

John Kociolek has taken a position with Bank of Idaho as a vice president and trust officer. He will be responsible for day-to-day trust and estate administration, as well as new business development in the Boise area.

Kociolek has been in the trust and estate business since 1980. He has previously served as the National Estate Settlement Manager for Mellon Bank in Pittsburgh; Market Trust Executive for Bank of America in Tampa and Orlando; and was recently the National Trust and Estate Manager for Capital Bank and Trust Company in Reno, Nevada.

"We're fortunate to land a candidate with John's credentials," said Bank of Idaho VP and Trust Department Manager Jeremy Parkinson. "Our clients will directly benefit from the depth and breadth of knowledge he brings to the table."

The hire allows Parkinson to focus his energy on big-picture strategy and growth. "With a staff of nine now, we're really able to give all of our clients a personal touch, which is really important in trust and wealth management work." he said. "We're not just managing investments, we're helping people plan for the future. We advise them in lots of different areas of their financial world."

Parkinson said that although he and his staff have had great success working remotely with their clients over the past year, they will all welcome a return to face-to-face conversations. "The better we know people, the better we're able to help them, and for that, there's no substitute for meeting in person," Parkinson said. “We've assembled a great team of experts, but we are continuing to look for opportunities to grow in the Boise market and eastern Idaho. I believe we're assembling the best team of trust and
wealth experts of any community bank in the state.”

Super Chix plans to open in Ammon on Wednesday

Super Chix will have a soft opening Wednesday at 11 a.m. at its new Ammon location inside the Hillcrest Plaza, 2671 East Sunnyside Road, with a grand opening to follow Saturday. For that event, the first 100 people through the door will receive a free chicken sandwich and a free regular fry.”

Super Chix is a fast-casual dining franchise that offers a variety of chicken sandwiches, hand-cut fries, salads and frozen custard. The restaurant comes courtesy of Flying H Holdings, LLC, the same franchise company involved in bringing Five Guys to Ammon. Company President Bill Hawes told East Idaho News in December that the experience played a role in his decision to open Super Chix.

“It’s got a lot of gravity in that area,” he said. “It’s great to be close to the high school, other (places to shop) and the movies. There’s a lot of food choices in that area and it’s growing.”

Super Chix first opened in Dallas in 2013 and now has stores throughout Texas, Alabama and Utah. New locations are have been planned for Bozeman, Mont., Fort Collins, Colo., and San Jose, Calif. Hawes said he plans to open stores in Logan, Utah, Pocatello and Rexburg.

The Hillcrest Plaza will also be home to Duck Donuts and Jersey Mike's Subs, both due to open soon.

Super Chix will be open 11 a.m. to 9 p.m. Sunday through Thursday with a 10 p.m. closing time Friday and Saturday. Visit the website or Facebook page for more information.