From Staff Reports
There has been no trouble getting the word out about the second round of the Payroll Protection Plan.
The payroll assistance for small businesses for the second time since the pandemic started has been underway since Monday, Jan. 11 for some hard-hit businesses. Banks have been busy.
Local banks in the Yukon and Canadian County area are inundated, bankers say. Plenty small business owners impacted by COVID-19 have already started to apply and await help surviving in the economic downturn.
The U.S. Small Business Administration program was established in April, 2020 to help small businesses in the first round of loans.
Local small businesses have lined up for the second loans at BancFirst and YNB Bank branches where loan officers have studied the rules and regulations and can help small business owners, or those with 300 or fewer employees, survive the times.
Jay Winkle, President at Great Plains Bank, 12001 Northwest Expressway in Surrey Hills, said he has been busy with Piedmont, Yukon and far northwest Oklahoma City small businesses.
“There has been a bunch,” Winkle said.
The second round of PPP money has authorized up to $284 billion toward job retention and other expenses with a deadline to apply open through March 31, 2021, SBA reports.
The PPP program since the pandemic started has provided 5.2 million loans with $525 billion to American small business, according to U.S. Treasury Secretary Steven T. Mnuchin.
Small businesses can apply now for forgiveness from the first round of PPP loans. And the second round is underway, said Jay Emory, BancFirst President said.
Lenders are standing by to help, he said. Yukon branch serves people in Yukon and Mustang, Emory said there were more than 200 applications taken by Thursday, Jan. 21.
Approvals are taking longer in the second round because of more scrutiny this time due to reported fraud cases in the first round. The funds, once approved, are available for two to six months for payroll protection.
“We still have many people in our communities who need PPP money and we also have many people in our communities who just need regular loans, so we are getting really, really tied up with all these requests,” Emory said. “We ask people to be patient. There are processes we must follow that require a lot of information,” Emory said.
There is a lot to learn about the loans, he said. For example, some proceeds of PPP loans can be used for rent or lease payments. Those who use it for payroll must provide a lot of data, and most people have been able to come up with it without issue, Emory said.
BancFirst Yukon can be reached at (405) 354-3030 or at bankfirst.bank.
To contact Great Plains Bank call 1-888-449-2265.
To contact YNB Bank call (405) 354-5281 and ask for Nathan Taylor.