• Last Call to Apply for Paycheck Protection Program (PPP) Loan

    June 23, 2020

    June 30 is Last Day SBA Can Approve Applications 

    There is one week left for small businesses, nonprofits, independent contractors and other eligible borrowers to access a forgivable loan through the Paycheck Protection Program (PPP). More than $128 billion in PPP funds are still available.  

    The PPP is a loan designed to provide a direct incentive for small businesses and nonprofits to keep their workers on the payroll. The SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. 

    PPP loans are made by more than 4,500 participating PPP lenders nationwide; and, guaranteed by the SBA. Interested borrowers apply with local lenders who then submit the application to the SBA for approval. 

    “The SBA has streamlined many of its lending processes to accommodate the high volume of PPP loans. Yet compiling paperwork for a commercial loan still takes time," SBA Pacific Northwest Regional Administrator Jeremy Field said. "That’s why we urge small business and eligible organizations who can benefit from this forgivable loan to apply now.

    “If you wait to start the process June 30, it will be too late. I don’t want to see any of our valuable local businesses leave money on the table,” Field said.