PPP Funding Now Available
Update 1.14.20. If you have already received a PPP loan, here are the key take-away items:
- A second PPP loan will be available for businesses with fewer than 300 employees, and that sustained a loss of revenue of 25% or greater during any quarter in 2020.
- Restaurants and hotels (NAICS code 72 will be eligible for 3.5x avg. monthly payroll) and all other businesses will be eligible for 2.5x.
- Loan size is capped at $2MM, and the total of the two loans cannot exceed the initial $10MM cap.
- Expenses paid for with PPP loans will now be considered tax-deductible.
- Expenses eligible for forgiveness have been expanded to include the following. If your loan has already been forgiven, you are excluded from this change.
- Operational expenditures - business software, payroll software, HR, billing functions, accounting, tracking of inventory
- Property damage - vandalism or looting that is not covered by insurance (during 2020 only)
- Supplier costs - PO’s, perishable goods, or inventory
- Worker protection - screens, cough guards, or any structure to be in compliance with new health codes from the CDC or DHHS
- PPP Loans under $150,000 will have a one-page forgiveness application.
- 501(c)(6) organizations that are not lobbying organizations such as chambers of commerce, trade associations, and boards of trade are now eligible if they have fewer than 150 employees
If you have any questions or need to chat with your lender, please don’t hesitate to reach out to one of our branches for more information.
Please be aware that submission of an application with Bank of Idaho does not guarantee approval and issuance of credit to your organization under the Paycheck Protection Program.
Additionally, all required information and supporting documentation in a timely manner is required to maintain your order within the SBA submission system. Not providing material in an expedited fashion will result in other applications being submitted in advance of yours.
Thank you for your understanding.