YANKTON, S.D. (WNAX) – The application deadline for businesses to get a “Paycheck Protection Program” loan has been extended to Aug. 8. The SBA program loans money to businesses to hang on to their employees until business picks up. Those loans can turn to grants if businesses follow the rules.
Jack Hopkins, President and C.E.O. of CorTrust Bank says they worked overtime to help businesses get in on the program.
Hopkins says the program rules changed often and rapidly.
Hopkins says they worked mostly with small businesses.
Hopkins says they helped with about 1,600 loans. Overall, the state had about 20,000 businesses use the program with a loan value of about $1.7 billion.