Mississippi banks assist with round two PPP loans; new data released
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As Mississippi banks deal with the second round of federal stimulus package, they feel they re better prepared and that this new round will help the economy. Also, along with the latest round of help, banks are continuing to work through the first Payroll Protection Program loan forgiveness with many borrowers. There s a change this time. To qualify for a second draw PPP loan, businesses have to show a 25 percent reduction in gross revenue.â
âThis new requirement will have an impact on the pool of eligible applicants,â says Gordon Fellows, CEO and president of the Mississippi Bankers Association. âWe think these loans will certainly be helpful to businesses that continue to struggle, but we anticipate a more targeted impact than we experienced last spring.â
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Small Banks Helped Businesses Win More PPP Loans
Jim Medeiros (left, with sunglasses), owner of Kuleana Consulting, and his work crew restore the ancient Ala Kahaki National Historic Trail on Hawaii’s Big Island. The cultural consulting company received $33,000 in Paycheck Protection Program loans after work stopped during the pandemic.
Jeremiah Valenzuela
Kuleana Consulting
As visitors disappeared from Hawaii’s beaches in late March and job losses reached historic highs, local employers worried they wouldn’t get their share of federal Paycheck Protection Program loans.
“We were paranoid,” said Rich Wacker, president of the American Savings Bank in Honolulu. The money to help with payroll and other bills was first-come, first-serve, and Hawaiians feared big mainland banks could get all the money first.