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the Coronarvirus Aid, Relief and Economic Security Act (CARES)

The CoronaVirus (CoVid-19) is creating some very interesting times. Much of the activity and response we are seeing to the spread of the CoronaVirus, CoVid-19, is unprecedented. The proactive measures to close schools, reduce or eliminate public gatherings, and institute social distancing protocols are all factors that will help to greatly reduce the spread and overall impact of this virus on us as individuals.

As always, Bank of Idaho is here to serve and accommodate you with all of your banking needs. While I do not know exactly when the present situation will be resolved, Bank of Idaho is here for you; we’re not going anywhere and we’re here to stay.

Many of you are probably worried about your business and livelihood. Know that we are preparing our team to help you with all of your questions and concerns during this difficult time. We are working hand in hand with the SBA, the state of Idaho, and the Chamber of Commerce to help our small business friends and learn about available relief programs.

Bank of Idaho remains committed to providing you with the high level of service that you’ve come to expect. Whether you’re a new customer or a longtime customer, we are here to help you during this tumultuous time. After all, we’re the bank with a heart.

Thank you,

Jeff Newgard

President/CEO Bank of Idaho

Payment Protection Program Latest Details

As of 8:20 a.m. on April 16th, 2020, the $349 Billion fund allocated for use in the PPP Program with the Federal Government was fully reserved, which means there are no more funds available in that allocation. 

We are anxiously awaiting the approval of additional funds from the United States government, and as soon as the funds are available, you will be first in line to submit your application through the system. 

Please rest assured, we will do everything in our power to get you taken care of and get an official SBA loan in place for your business. Our team is ready to move quickly. We have lenders and support team members prepared to work late into the night and come in early morning to move as many customers through this next round of funding. 
 
We are anticipating this additional infusion of funding into the SBA’s Paycheck Protection Program coming shortly from the federal government. Reports are that additional funds – anticipated to be $300 Billion additional dollars - will be available within the next few days. 
 
Demand for this program has been greater than anyone expected. Just yesterday, we supported a letter to Congress from the Idaho Banker’s Association to increase and release additional funds immediately. 

We are working to handle as many total applications as possible in light of the 2nd round of funding approved at the Federal level. 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.