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Financial institutions preparing as paycheck protection program resumes

Published: Jan. 12, 2021 at 10:25 AM MST
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TWIN FALLS, Idaho (KMVT/KSVT) —The small business administration will resume the paycheck protection program starting Jan.12.

A PPP loan is designed to provide a direct incentive for a small business to keep their workers on the payroll. This loan does not have to be paid back if the borrowers used the funds for eligible payroll costs.

Small businesses that borrowed last time can borrow again, which Idaho Central Credit Union told us will be a quicker and easier process. They also described how humbling it was the last time to help small businesses get help.

“Some assurance that they have a way to pay bills and they can pay employees, and that they can keep their doors open, said Lance Hatzenbeller, Senior Vice President of Commercial Services at ICCU. “I mean it has been an unbelievable experience and humbling to be able to help as many people as we did.”

As of Jan. 11, ICCU said the loan program has opened up first for small community banks, and it is not open to the main lenders just yet.

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