Part two of the Paycheck Protection Program may begin as soon as Monday. Congress allocated another $321 billion for the program designed to help businesses continue to pay their employees.
Ezra Eckhardt from Spokane Teachers’ Credit Union expects a mad rush to secure funding.
“The last round lasted 13 days. The projections are that this could be as early as two or three days to have the funding run out.”
He says many of the customers who didn’t get their paperwork done the first time have had time to work with their financial institutions to finish filling out forms and secure their supporting documents.
“I think we have seen how the system works," he said. "Everybody has a little bit different solution, but we’re quite confident in our ability to quickly work with a member to review their application and make sure that it meets all the requirements for the SBA, so that person will qualify, assuming that they live up to the terms of the loan, they’ll qualify for forgiveness.”
Eckhardt says it’s not too late to get started on the process, but he says applicants should understand it will take some time to pull everything together. He warns that if companies aren’t sure about whether they need the money, they should probably not apply.