Daines: 2nd Round of PPP Funds Now Available
Many Montana businesses are still struggling from the financial impacts of the COVID-19 shutdowns from last Spring, and many are still suffering under restrictions that remain in place. Now that another COVID-19 relief package was signed into law by President Trump, another round of Paycheck Protection Program funds are now available.
DAINES: This PPP funding is critical for Montana small businesses who have been hit hard due to the pandemic. This funding will help keep Montana small businesses open and their workers employed. I’m glad I was able to help secure it.
Senator Daines said the funding became available starting January 13th. According to a press release from his office, "At first only community financial institutions, including banks and credit unions that lend in low-income communities, will be able to initiate PPP loan applications. The program will reopen to all participating lenders shortly thereafter."
A borrower is generally eligible for a Second Draw PPP Loan if the borrower:
- Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
- Has no more than 300 employees; and
- Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
In his final blog post wrapping up 2020, Stockman Bank CEO Bill Coffee highlighted local bankers' efforts to quickly distribute the aid to Montana businesses:
Our community banking roots shone brightly through our very active participation in state and federal assistance programs.
For example, Stockman led the nation for the first 24 hours of the SBA Paycheck Protection Program. We knew these funds would be limited and many business customers would benefit from this important program, so our bankers across the state worked through the night to ensure hard-working Montanans would be taken care of during this challenging time.