As part of the recently signed Coronavirus relief and stimulus package, an additional $284 billion in Paycheck Protection Program (PPP) funds will soon be available to eligible small businesses. The Small Business Administration (SBA) has 10 days to implement new rules and guidance regarding these “second draw” loans. First Interstate will begin accepting applications as soon as possible after the final guidance from the SBA is available. Stay tuned for more information and visit sba.gov for the latest information regarding second draw PPP funding.
We’ll be sure to communicate additional information as it becomes available. In the meantime, don’t hesitate to reach out to your banker with questions or concerns. While we may not have all the details yet, we are certainly here for you!