bankcda Announces Successful Launch of SBA Paycheck Protection Program (PPP)

bankcda, a subsidiary of Coeur d’Alene Bancorp (OTC Pink: CDAB), announced it secured PPP funding for over 160 local small businesses

COEUR D’ALENE, Idaho--(BUSINESS WIRE)--bankcda announced today that they secured $17 million in loan funds for over 160 small businesses through the SBA Paycheck Protection Program (PPP). These funds will preserve over 2,100 local jobs in North Idaho and the surrounding region.

The Coronavirus Aid, Relief and Economic Security Act (CARES Act) was signed into law on March 27, 2020 and allocated $349 billion to the Paycheck Protection Program. PPP loans are available to small business and nonprofits with fewer than 500 employees and will be forgiven for those that meet requirements that include retaining employees.

“We realize the vital role of small businesses in our local economy. I’m proud of the way our team worked around the clock to secure these funds for local businesses. It was wonderful to see employees from various departments come together to support our community,” said Wes Veach, president and CEO of bankcda.

bankcda is a community bank headquartered in Coeur d’Alene, Idaho with 29 employees and $150 million in total assets. Branches are located in Coeur d’Alene, Hayden, Post Falls and Kellogg, Idaho.

For more information visit www.bankcda.com or contact Wes Veach at 208-415-5006.