Paycheck Protection Program Continues

Paycheck Protection Program Sunsets June 30
Posted on 06/30/2020
BusinessFunding is still available through the Small Business Administration Paycheck Protection Program (PPP) but applicants need to apply no later than midnight, June 30, 2020.

Unless Congress approves an extension of the Paycheck Protection Program, applicants will not have access to funding.

For round two of the program, approximately $56 billion in approved loans have been made by small lenders. The average loan size is $79,000, compared to $206,000 in round one, proving the focus on small business. For Washington state, more than 50,288 loans worth $5 billion have been approved. That’s significantly more businesses than the first round, meaning more Washington businesses are accessing PPP funds. As of May 5, approx. $135 billion in PPP funding is still available for small businesses. Don’t delay. Contact your banker to submit an application.