LINCOLN, Neb. (KOLN) – More than 80,000 Nebraska businesses have received P3s loans since last year and an extension signed on Tuesday means there is still time to secure federal funds to help.
The PPP Loan Extension moves the application deadline from March 31 to May 31, giving eligible businesses two additional months to use the program.
In the first draw, Cornhusker Bank helped bring $ 53 million in PPP loans to Nebraska businesses. During the second draw, approximately 330 loans were made, totaling $ 21 million.
“You have to have the first drawdown before you have a second drawdown,” said David Shiffermiller, executive vice president of loans at Cornhusker Bank. “If you did not have a first print, you must draw according to the settings of the first program before you can draw on the second.”
According to the United States Office of Personnel Management, Nebraska has obtained just over 80,600 P3 loans approved, totaling approximately $ 4.7 billion.
The average P3 loan in Nebraska is about $ 58,468.
Second Draw Loans have a few more qualifying parameters than the First.
“Some economic downturn in your business because of these circumstances,” Shiffermiller said. “The second draw had additional requirements based on comparing the 2020 financial results to 2019.”
Shiffermiller explained that on average, it would probably take a business owner about 10 minutes to complete an application.
In his experience, once it is processed, it only takes a few days for the money to arrive in a business bank account.
“It’s available until May 31, so if you have any questions contact your financial institution,” Shiffermiller said. “We don’t just accept applications from our clients, but from all those in the community. “
The extension also applies to the processing and authorization of such requests.
Which was extended until the end of June.
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