Local banks helping with paycheck protection program

PIERRE, S.D. (WNAX) – Businesses hit by the pandemic have several loan and grant programs available.

Steve Westra, Commissioner of the South Dakota Governors Office of Economic Development, says the federal paycheck protection program is being handled by local banks.

Westra says the legislature also approved a state loan program.

Westra says their turnaround time on most loans is about a week.

Westra says the priority is to help companies hang on to their workers.