The next round of federal funding for the Paycheck Protection Program (PPP) is now available for small businesses.

Small Business Development Center Regional Director for North Central Iowa Kimberly Tiefenthaler tells Raccoon Valley Radio there are now two ways for small businesses to apply for PPP loans, including first and second draws. She says the first time draw is for businesses that didn’t apply for PPP funding last year, and the second draw is for businesses that took advantage of the program last year, but with one important requirement added to that.

“The eligible businesses for the second draw will need to have suffered a 25-percent reduction in gross receipts. This allows the businesses who really need these dollars to access the dollars. So I think that’s a really good thing.”

Tiefenthaler notes the U.S. Department of Treasury has streamlined the process of PPP for more community banks to utilize the program.

“They’re making it different and making it easier for the small, rural communities and lender to make sure that those businesses get in line and get things submitted with more ease this time around.”

Peoples Bank AVP Branch Manager Nikki Uebel says they processed 223 PPP loans last year for a total of $13 million and Home State Bank processed 177 loans for a total of over $10 million. Tiefenthaler urges businesses to apply for PPP through their lender.