Castle Country Radio was able to sit down with Eastern Utah Community Credit Union’s Commercial Loan Officer, Ann Anderson to discuss another round of Paycheck Protection Program Loans that are being offered again.

“I believe it was in February of last year with the pandemic established the PPP Loans which stands for Paycheck Protection Program. It’s a federal program and what it was meant to do is to help businesses during this pandemic that we are having problems making payroll, making rent, paying utilities because of closing businesses or whatever it may be,” said Anderson. They had a first-round of PPP Loans take place till August of last year and it had to be funded twice because the applications poured in. This time around applications will only be accepted till March 31.

First-time applicants can now submit their applications, while returning applicants must wait till Wednesday, January 13 to submit their applications. “So people who have received a PPP Loan before they are able to apply for this second round – that will take place a couple days after the first people are able to take advantage of it. So any business that has not applied for a PPP Loan did not receive one in the year 2020 you are able to apply for this PPP Loan beginning Monday, January 11. We will be doing them at Eastern Utah Community Credit Union, I’m going to be heading them up like I did last year,” said Anderson. EUCCU was able to help several businesses in the area to obtain the PPP Loans and hope that they will be able to continue to assist more businesses this second time around.

Last year there were many big corporations that took advantage of the PPP Loans and this second round of monies is being aimed at the smaller businesses. “This is really geared towards small businesses and in fact, they have even documented that they want only community lenders to be able to offer these loans. It is geared towards small businesses, as well as, it is geared towards helping ranchers and farmers. They are also able to help some charitable organizations as well in this round of funding,” explained Anderson. This round of PPP Loans hopes to assist those that may have missed out on the opportunity the first time around.

For those returning applicants the actual application process is simpler this time around.  “If you did receive a PPP Loan the first time, chances are you will be able to use your same documentation for this round on the PPP Loans but again it’s a case-by-case basis we’ll have to look at it. But it should be a lot easier from what they are telling us to get the application completed, and for us to get it submitted for these businesses than to be able to get the money into their account to help them out,” stated Anderson. Eastern Utah Community Credit Union is located at 675 East 100 North in Price and can be reached at (435) 637-2443.