February 23, 2021 (Beloit, WI) – The Biden Administration has announced several reforms to the PPP loan program which are intended to "extend much-needed resources to help small business survive, reopen, and rebuild.” Among the improvements announced is a 14-day window beginning Wednesday, February 24th, where only businesses with fewer than 20 employees can apply for relief.
The changes to the PPP lending program allow SBA lenders, like Blackhawk Bank, to provide wider access to mom-and-pop businesses and sole proprietors. "Many self-employed individuals and sole proprietors faced obstacles navigating the program. In our experience, it is not uncommon for small businesses to need more time to file the appropriate paperwork. The two-week window will allow SBA lenders much-needed time to focus on them, many of which have been among the hardest hit,” said Dave Adkins, CEO and President Blackhawk Bank.
"We have successfully processed over 1,100 loans since the start of the PPP, securing over $130 million for local small businesses, and supporting over 10,000 local jobs," said Adkins. "Our team at Blackhawk continues to be grateful that we can play a part in securing funds and jobs for the heart-and-soul businesses within our communities. We are ready to help."
The remaining PPP funds were distributed through March 31st.
About Blackhawk Bank
Established in 1881, Blackhawk Bank has served individuals, families and business owners for 140 years. The Bank operates eleven full-service banking centers in Beloit and Janesville, Wisconsin and in Rockford, Belvidere, Machesney Park, Roscoe, McHenry, Island Lake, and Richmond, Illinois. The Bank also operates a Business Banking Center in Elgin, Illinois and a Mortgage Processing Center in Roscoe, Illinois. Complete information about Blackhawk Bank can be found at www.blackhawkbank.com. Member FDIC | Equal Housing Lender