From Staff Reports
Local banks are prepared to start helping business owners apply for Payroll Protection Program money as the second round of funds is on the way.
During the economic downturn that started last March, businesses have struggled, and owners have struggled with payrolls. But more help is on the way.
In April, banks helped business owners obtain the first round of help from stimulus money with payrolls during the first few months of the COVID-19 pandemic.
In Yukon, banking officials expect to help thousands of business owners again soon.
Jay Emory, President of the Yukon and Mustang BancFirst offices, said bankers are preparing to help people in the community apply for PPP funds.
Loans will begin being taken on Monday. Bankers are preparing now to help business owners.
The U.S Small Business Administration reported Friday, in consultation with the Treasury Department, that the program will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions will be able to make first loans on Monday, January 11, and second loans on Wednesday, January 13. The PPP will open to all participating lenders shortly thereafter, according to a news release
The second round of the program continues to prioritize millions of Americans employed by small businesses by authorizing up to $284 billion toward job retention and certain other expenses through March 31, 2021, and by allowing certain existing PPP borrowers to apply for a second loan.
On the BancFirst website there is information about the Payroll Protection Program found at bancfirst.bank.
The program is a work-in-progress, in an unprecedented time, Emory said.
“It has been like inventing the wheel while we are driving,” Emory said.
Businesses are required by the Small Business Administration to apply through their lender.
A team of five lending officers are available at BancFirst who are prepared to help the public.
“We will be prepared to assist our small business customers just as we did last April when we processed over $930 million in PPP loans under the CARES Act statewide,” Emory said.
“Stabilization of our community’s core businesses is essential for us to blunt the impact of the pandemic. BancFirst stands ready to serve our communities and small businesses,” Emory said.
Businesses will benefit from the program, and thus the economy will be on the way toward recovery, he added.
“This is designed to help businesses stay alive,” Emory said.
The second round of PPP money is for businesses with fewer than 300 employees. The first round was for businesses with fewer than 500 employees.
Those who want to find out more through BancFirst can call 405-354-3030 or visit the BancFirst website bancfirst.bank.
Other local banks will handle more local businesses.
YNB Bank, Inter Bank, F&M Bank, Great Plains Bank, and others have officers ready to help businesses as well.
The PPP money is meant to fund two and a half months of payroll for businesses.
Restaurant and food businesses will receive larger amounts for up to 3.5 months of payroll.
Lawmakers reached a deal Sunday, Jan. 3 that includes $284 billion for round two of PPP money created by the CARES ACT after the pandemic broke out in March, 2020.
About $525 billion was approved in the first round.
PPP loans were meant to help small businesses with 500 or fewer employees.
The maximum loan amount for the second round is $2 million per business.
PPP loans have been fully forgivable for certain purposes, had a 1% interest rate came without fees and no collateral.
YNB Bank, 401 Elm Ave. in Yukon will have loan officers ready to help. To contact YNB Bank call (4054) 354-5281.