Banks prep for second round of coronavirus funding

Banks prep for second round of coronavirus funding

Bill tomorrow.

With another stimulus package and more funding for the paycheck protection program for small businesses - banks are gearing up for another round of applications.

Waay 31's sophia borrelli found out how are banks getting ready - and what small business owners who didn't get money the first time should be doing right now sophia look live: : "the ceo and president of smartbank tells me they have already processed about 1,700 loans through the paycheck protection program and they are committed to process more."

Billy carroll, president and ceo smartbank: "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."

Billy carroll is the president and ceo of smartbank.

It's a community bank with a location here in huntsville.

He says his employees are already gearing up to help small businesses get federal assistance.

Billy carroll, president and ceo smartbank: "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."

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.

Billy carroll, president and ceo smartbank: "i don't think there's any doubt it is probably going to go faster than the last round did."

Carroll says businesses that are still waiting for their money do not need to reapply - but communicate with their bank about the loan.

Billy carroll, president and ceo carroll