From The Idaho Commerce Website
Sent To Living In The News .Com By Mayor Randy Hibberd
After months of negotiation, Congress recently approved and the President signed a new COVID relief package. The new relief package includes additional funding for the Paycheck Protection Program (PPP) for small businesses as well as funding for businesses that did not receive PPP money initially and provisions allowing businesses a second chance for PPP funds. Read more about about the latest stimulus package.
What you can do now:
- Check to make sure your financial institution is doing PPP loans.
- If yes, ask to be alerted when the loan portal opens up and ask what information they anticipate needing.
- If no, reach out to banks or credit unions that are willing to process PPP loans for new customers. Save valuable time by opening up a business account now. If unsure where to start, review the SBA list of approved PPP providers.
- Businesses should be getting their business financial statements and payroll data updated so you are ready when the financial institution is ready to open its PPP loan application online portal or other process.
- This may mean having conversations or setting appointments now with your CPA and/or payroll provider to make sure the anticipated documentation is complete and correct. Incomplete or erroneous documentation can slow down the PPP loan approval and closing process.
