Eligible businesses may apply for a Second Draw PPP loan
Olympia, Wash., January 15, 2021 – The Washington State Department of Financial Institutions (DFI) and Department of Commerce are reminding Washington’s small businesses, eligible nonprofits and lenders the federal Paycheck Protection Program (PPP) has been funded with $284 billion for a new round of forgivable loans. The loan program is administered by the U.S. Small Business Administration (SBA). Applications are being accepted now for both first and second draw loans.
To apply for the Second Draw PPP Loans click here.
The first round of the PPP, which ran from March to August 2020, helped 5.2 million small businesses nationwide keep 51 million American workers employed. Just over 107,000 Washington state businesses received PPP loans.
“Small businesses are the lifeblood of our country, of Washington state,” DFI Director Charlie Clark said. “It’s so important they get the assistance they need to continue beyond this pandemic. Washington’s financial institutions stepped up in a big way during the first PPP allocations, and we know they will again.”
”These federal loans have been crucial for helping small businesses and our overall economy,” Commerce Director Lisa Brown said. “Small businesses can take steps now to get ready to apply, starting with finding a participating lender and finding out what kind of documentation they need to prepare.”
The SBA is currently only accepting loan applications from participating community financial institutions (CFIs). Businesses can find a participating CFI at Lender Match. The program will open to all lenders next Tuesday.
The Washington Small Business Development Center (SBDC), funded by SBA and Washington State University, is providing virtual webinars and technical assistance on the loans.
PPP webinars will be provided every Friday at 10 a.m. through March. For more information, visit https://wsbdc.ecenterdirect.com/events.