Toy store owner Wes Gardner has one of his. Ice cream shop owner Kris Shean has hers.
But restaurateurs Amelia Hatchard and her husband, Marcos Aquino Hernandez, were waiting on lawmakers in Washington D.C., to pump up the Paycheck Protection Program so they can get their loan.
“Hopefully Congress will add more money,” Hatchard said Friday.
The waiting is stressful.
“With restaurants there are so many bills,” Hatchard said. “It’s just constantly trying to do everything to keep going.” With a switch to takeout only, “we are not making as much as we normally would,” she said.
At press time Tuesday it did appear that more PPP money was coming. News outlets were reporting that the U.S. House and Senate were ready to shell out another $310 billion for the loans, which carry a 1% interest rate but are forgivable if businesses use most of the money for payroll expenses. The loans are made by banks and guaranteed by the U.S. Small Business Administration.
The original pot of $349 billion was allocated by Congress in late March through the Coronavirus Aid, Relief, & Economic Security Act. The application period opened April 3 and the money was gone in less than two weeks, leaving many businesses hanging.
How they fared varied by which banks they use.
Shean, who owns the Haagen-Dazs shop at Crabtree Corner, applied through Rocky Mountain Bank and saw the funds in her account Friday.
Gardner, owner of Teton Toys, said Zions Bank has told him he’s “in the queue” for a PPP loan for his store in Lehi, Utah.
But for his Jackson store he went to Bank of Jackson Hole. He learned April 7 that his application had been approved, and he received the funds about a week later, he said.
The Teton Toys loan was one of $73 million worth that Bank of Jackson Hole has processed for 433 businesses in the Jackson region, said CEO Pete Lawton. About 200 of those loans had been funded as of Monday, he said.
Loans ranged from $4,000 to a little over $1 million,with an average of $160,000.
Forty-five staffers worked on PPP applications for 10 hours a day for two weeks, Lawton said.
The bank used by Hatchard and Hernandez, who own Streetfood at the Stagecoach in Wilson and Butter Cafe in Victor, Idaho, didn’t allow dual-owner businesses like theirs to submit applications until April 13, Hatchard said, even though she had all the documents in order in preparation for the bank’s go-ahead.
“I had it all printed out and ready to go and was carrying it around for two weeks,” she said. “Within seconds of getting the email I applied.”
As soon she did, she said, the bank emailed that the money had run out, but applications would be completed if Congress came up with more.
“We are pretty worn out,” Hatchard said. “We’ve already had three payroll cycles since we’ve had to shut down” dine-in service.
Though the first round of PPP funding was depleted, banks didn’t all shut the door to businesses hoping to still get one of the loans.
“[While] we’re not able to process applications at this time, we are still accepting inquiries and gathering information from clients so if/when more funding is available, we can assist as quickly as possible,” First Interstate Bank’s Jackson market president, Richard Uhl, said Monday in a prepared statement.
As for the work already done, Uhl said, “We understand financial support is critical to our clients, which is why we’ve had bankers working around the clock, seven days a week to process PPP applications and get money into our clients’ hands. We are currently still tallying up totals, but hope to have more specific information to share with the public at the end of the week.”
Lawton estimated that Bank of Jackson Hole has 150 applications waiting. It plans to finish up those first.
“Then we’ll take another look at it,” he said.