PORT ANGELES – Local business leaders say the Payroll Protection Program brought more than $32 million dollars in federal loans to businesses in Clallam County.
They’re urging businesses that have not received “PPP” money to apply now before the federal money runs out.
The program can be used by businesses to meet payroll, rent and other business expenses through the end of the year. If criteria are met, the loan turns into a grant and there’s no payback or interest due.
The Small Business Association released figures last week that show “PPP” loans of up to $150,000 administered locally. Businesses in Port Angeles received $15 million dollars, Sequim businesses got $14 million, and county wide the number topped $32 million.
Local business consultant Kevin Hoult works with the SBA. He says the program has provided an economic “shot in the arm” and helped the area through a fall off of revenue
“When you sit back and think about the impact of that, that’s been a pretty significant footprint and there are other loans out there that aren’t reported on this some of the bigger loans. I think that it’s exciting to know that almost a thousand businesses were able to bring the 32 million dollars into Clallam County.”
Hoult is advising his clients to apply for “PPP” loans. The criteria have been widened and even sole proprietors are eligible now.
“It will be open for applications on the calendar through August 8th or until the money runs out. So, I would really encourage people to take another look at it because you now have 24 weeks to get your performance in and spend the money according to the requirements. So you can get the forgiveness. You also have some other opportunities if there are amounts that are not forgiven. You can make that loan up to five years long instead of two years and then you also have some opportunities to spend the money differently.”
To apply, you need to work through your local bank. If your bank doesn’t provide Small Business Administration loans, you can also use an online bank. Hoult says the process has been streamlined, and businesses are finding it easier and faster to apply and get results.