SEATTLE – Small businesses, nonprofits, independent contractors and others have until Tuesday to access the Paycheck Protection Program’s forgivable loan.
That’s the last day the U.S. Small Business Administration can approve PPP loan applications.
More than $128 billion in PPP funds were still available as of June 23.
The loan is designed to provide funds to help small businesses and nonprofits 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.
Interested borrowers apply for the loans with local lenders who then submit the application to the SBA for approval. That process takes time, though.
“We urge small business and eligible organizations who can benefit from this forgivable loan to apply now,” SBA Pacific Northwest Regional Administrator Jeremy Field said. “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.”
As of June 20, the SBA has approved more than 4.6 million PPP loans valued at nearly $515 billion. In Washington, 96,589 loans had been approved totalling $12.1 billion.
For information go to sba.gov/paycheckprotection.