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COVID-19 Economic Response & Recovery Upate - Paycheck Protection Program Details

Friday, April 3, 2020 | Manufacturing, News Release, Workforce, COVID-19

Last night Governor Inslee extended the Stay Home, Stay Healthy order through May 4. The good news is that Washington State's social distancing efforts seem to be slowly "flattening the curve" and lessening the impact of our state's coronavirus outbreak, and if we are all diligent, we can move toward economic recovery more quickly.

The economic impact to temporarily shuttered businesses and their workers, as well as lost revenue for many of you we know, is challenging, which is why we want to share some program which could make a tremendous impact in preserving your business and jobs if fully leveraged.

  • Paycheck Protection Program (PPP): This program begins TODAY and prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. These forgivable loans require that employee and compensation levels be maintained. Last night, the US Department of Treasury and Small Business Administration (SBA) released an interim final rule on the Paycheck Protection Program (PPP)This is part of the recently approved CARES Act. The Paycheck Protection Program will be available through June 30, 2020. Please note that agricultural producers are eligible to participate in the program. While SBA still needs to confirm some administrative details, loans will be provided on a first-come, first-served basis. Businesses should reach out to their bankers or lenders to apply immediately. You can apply for the Paycheck Protection Program through any SBA-approved lender— find a lender near you.

PPP Borrower Application Form

  • Economic Injury Disaster Loan (EIDL) Program: Apply online for a COVID-19 Economic Injury Disaster Loan Applications for Economic Injury Disaster Loans are eligible for a grant of up to $10K, which can be available within three days.
  • SBA Debt Relief: SBA Debt Relief for existing SBA loans. If you have an existing SBA loan (7a or 504), you may be eligible.
  • SBA Express Bridge Loan: Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loads will be repaid in full or in part by proceeds from the EIDL loan. Find an Express Bridge Loan Lender by connecting with your local Washington SBA District Office.

Manufacturing is essential to the economic health and vitality of our region and is critical to our shared ability to thrive as a community. Everyone at Impact Washington remains committed to being as responsive as possible and supporting you and your business during this time.

Please be sure to review our COVID-19 Resource Page for additional information.

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