Idaho lenders now processing Paycheck Protection Program applications from small businessesTuesday April 14, 2020
Boise, Idaho – Idaho lenders, in partnership with the Small Business Administration (SBA), are now accepting Paycheck Protection Program (PPP) applications.
“Idahoans employed by small businesses need to be able to readily step back into the workforce, and the Paycheck Protection Program helps ensure that can happen,” Governor Little said. “The statewide stay-home order is working to slow the spread of coronavirus, and Idaho will be better positioned for a strong economic comeback because we are making difficult changes in how we live and work in the short-term.”
The PPP is a loan through the federal CARES Act designed to provide a direct incentive for small businesses to keep their workers on the payroll.
Business owners MUST apply for the PPP through their financial institution.
The most up-to-date list of participating lenders can be found in the SBA Boise District Office website.
The SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. The Paycheck Protection Program will be available through June 30, 2020.
For questions and additional assistance regarding PPP loans, contact your financial institution. If you need local assistance from the Boise District Office, please call (208) 334-9004 or email firstname.lastname@example.org.
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