With another stimulus package and more funding for the Paycheck Protection Program for small businesses, banks are gearing up for another round of applications.
The CEO and President of SmartBank, Billy Carroll, tells WAAY 31 news the bank has already processed about 1,700 loans through the Paycheck Protection Program and they are committed to process more.
"We would definitely look to help any small business that had trouble getting into round one, be glad to take a look to see if we can help them in this next phase," said Carroll.
SmartBank is a community bank with a location here in Huntsville.
He says his employees are already gearing up to help small businesses get federal assistance.
"To me, the biggest thing that we are going to be doing is communicating with folks we know have an interest into round two, is to get their information and get those completed applications in as early as possible," said Carroll.
He says the Small Business Administration is not accepting any more applications, but small business owners can still go to local banks to apply.
He says it's important to apply as quickly as possible since he expects the money which ran out the first time, to go just as fast.
"I don't think there's any doubt it is probably going to go faster than the last round did," said Carroll.
Carroll says businesses that are still waiting for their money do not need to reapply, but communicate with their bank about the loan.
"What I would do is I would encourage those businesses to reach out to their bank to find out where they are in that que. I think that's really important."
Carroll says businesses that have already been denied for the loan, do not need to re-apply unless something major has changed.