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.