CLALLAM COUNTY – As of Monday, the Small Business Administration began accepting applications for a third round of federal PPP loans for business owners. PPP is Paycheck Protection Program, and in the first two rounds this Spring, 1054 businesses in Clallam County received a total of somewhere between $60 million and $100 million. $14 million in Sequim alone, and almost $16 million went to businesses in Port Angeles, which helped fund over 9200 jobs in Clallam County.

Colleen McAleer, Executive Director of the Clallam County Economic Development Council, says the term PPP Loan can be misleading.

“Our intent is that every business should be trying to make this into a grant. It is very plausible to do it. You should be able to use this money to run your business, pay your employees, pay your operating costs and use it completely as a grant. It’s the best deal around that the federal, state or local governments can offer to any business owner, and we just want to make sure everybody is taking advantage of it.”

McAleer says the loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent and utilities.

The program is accepting applications until August 8 and McAleer says surprisingly few business owners have even bothered to apply.

“We have 4,300 businesses in Clallam County. Only about 1/4 of those businesses have applied so far. Whether if they have any employees or not, even as a sole proprietor, people do qualify for this and can get up to $20,000.”

In response to the PPP Extension Act, Sound Community Bank has reopened their website’s loan portal and McAleer anticipates other local banks will do the same soon.

More than $130 billion in PPP funding is available. Use the new how-to guide (click here) to calculate your maximum PPP loan amount.

Graphs by Colleen McAleer.

Banner photo: Colleen McAleer.