Today, the North Dakota Legislative Budget Section voted to extend the application deadline for the CPR II program to November 30, 2020. In addition to changing the deadline, an additional $20 million was appropriated to the program bringing the total allocation to $70 million.
Please Note…while the deadline for applications is extended to November 30, BND must provide an update on the amount of funds committed to the Governor and Legislature on Friday, November 13. Funding for CPR II is provided from the $1.2 billion in federal CARE’s act funding provided to the state. If it appears the full $70 million will not be used, the remaining amount may be reallocated to other needs. I strongly encourage you to continue to apply by Friday, November 13.
Currently, BND has 394 applications for $10.5 million. We hope that this provides more time for you to obtain third quarter information, analyze and apply it.
I also wanted to update you on the CPR I program and the SELF program. The application window for these programs will also close on November 30th. As of today,
- The SELF program has approved 778 loans for $26 million of the $50 million allocated.
- CPR I, the buydown for large employers, has approved 185 loans for $22.8 million of the $30 million allocated.
More information on these programs is posted at www.bnd.nd.gov. And, as always, if you have questions, please reach out to the business banker assigned to your institution.