Bankers working to help turn PPP loans into grants

YANKTON, S.D. (WNAX) – The sign-up deadline for the “Paycheck Protection Program” was last Saturday. The Small Business Administration still had about $100 billion available for loans at the end.

Rob Stephenson, President of First Dakota National Bank in Yankton says they will now work with their borrowers to turn the loans into grants.

Stephenson says most of their customers should have their loans forgiven.

Stephenson says it took a lot of time and hours to help people get through the SBA process.

Businesses who got the loans were supposed to use 60 percent of the money for payroll expenses. About 20,000 businesses in the state got the loans which totaled about $1.7 billion.