Banks helping businesses convert loans

YANKTON, S.D. (WNAX) – Banks and businesses have been dealing with the details of the “Paycheck Protection Program” since Congress authorized it in March as part of the economic bailout.

Rob Stephenson, President and C.E.O. of First Dakota National Bank in Yankton, says helping businesses convert the loans to a forgivable loan is the next big step.

Stephenson says the money needed to be spent on keeping workers on the payroll over eight weeks for the businesses to get the grant.

A lot of ag producers were not included in the first round of the program. Stephenson says that part of the program did not go well.

The U.S. House has voted to give businesses up to 24 weeks to use the federal funding. The Senate may take that up this week.