Peoples Bank processes Paycheck Protection applications

Published: Apr. 27, 2020 at 9:22 PM EDT
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The Federal Government has rolled out 310 billion more dollars for its Paycheck Protection Plan after its first round of funding ran out.

During this time, Peoples Bank has been processing applications for the loans.

For the first round of funding they processed nearly 2400 applications for a total of 422 million dollars.

As the next wave of funding comes in they expect a similar outcome from local businesses, except this time the businesses more likely will be those who missed out the first time because they did not know they were eligible.

Some businesses did not get their loans before the first round of funding ran out and that will be the bank's first priority.

Peoples Bank representatives say most businesses are eligible and should reach out if they have questions.