• Nearly $30 billion in PPP, EIDL Funds Approved for Pacific Northwest Small Businesses, Nonprofits

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    July 28, 2020

    Nearly $30 billion in PPP, EIDL Funds Approved for Pacific Northwest Small Businesses, Nonprofits

    PPP Application Deadline Aug. 8;
    SBA Debt Relief, EIDL Still Options for Financing

     

    SEATTLE – As part of economic relief efforts related to the Coronavirus pandemic, nearly $30 billion in Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) funds have been approved for small businesses and nonprofits in the U.S. Small Business Administration (SBA) Pacific Northwest Region serving Alaska, Idaho, Oregon and Washington.
     
    To put that in perspective, during fiscal year 2019, the SBA approved $1.6 billion in the Pacific Northwest and $28 billion nationally as part of the agency’s traditional small business loan programs.
     
    Combined PPP, EIDL and EIDL Advance Loan Data for the Pacific Northwest
      Total Loan Numbers Total Loan Volume
    Alaska 28,096 Nearly $1.7 billion
    Idaho 60,317 $3.2 billion+
    Oregon 152,809 Nearly $9 billion
    Washington 251,265 Nearly $16 billion
    Pacific Northwest 492,487 Nearly $30 billion
     
     
     
     
     
     
     
     
     
     
    Nationally, the SBA has provided more than $660 billion in economic relief to small businesses across the country through the PPP, the EIDL and the business loan debt relief program.
     
     
    PPP Progress and Important Dates
     
    According to SBA Administrator Jovita Carranza, the PPP alone has supported the employment of more than 50 million American workers and greater than 80% of the small business payroll across the country.
     
    PPP Loan Data as of July 24, 2020
    PPP reports available for download
      Loan Numbers Loan Volume
    Alaska 11,417 Nearly $1.3 billion
    Idaho 30,490 Nearly $2.6 billion
    Oregon 64,130 Nearly $7 billion
    Washington 103,621 More than $12.3 billion
    Pacific Northwest 209,658 More than $23 billion
    National* More than 5 million* Nearly $520 billion*
     
     
     
     
     
     
     
     
    *National data as of July 27, 2020
     
    “More than 5,400 lenders nationwide stepped up to deliver PPP loans to small businesses, nonprofits and the self-employed. During the past few months, lenders have worked with us long hours, late nights and weekends to save America’s businesses and it’s paying off,” SBA Pacific Northwest Regional Administrator Jeremy Field. “Lenders have told me many stories about tears of joy and gratitude from their small business clients. Their individual stories validate the impactful data we’re seeing.”
     
    The last day the SBA can accept new PPP applications is Friday, Aug. 8. However, Field advises local businesses and eligible organizations to start the PPP application process this week as connecting with a lender and compiling necessary paperwork can take some time.
     
    He adds that the Aug. 8 deadline is for lenders to submit applications to the SBA for approval so a borrower needs to submit their application and paperwork ahead of that date.
     
    Borrowers will work with and apply to their lenders for PPP loan forgiveness. More information on PPP forgiveness is available at www.sba.gov/paycheckprotection.
     
     
    SBA Debt Relief Another Financing Option
     
    For small businesses that need additional financing beyond the PPP, the SBA will pay six months of principal, interest, and any associated fees that borrowers owe for all loans in its traditional lending programs – specifically 7(a), 504, and Microloans – disbursed prior to Sept. 27, 2020.
     
    The agency has already been paying these fees for current 7(a), 504, and Microloans in regular servicing status.
     
    “Access to capital has always been a top need for small businesses and that is even more so true as businesses navigate a new economic reality,” Field said. “As part of our agency’s relief efforts, we want more businesses to know of this added benefit to traditional SBA loan programs. Our network of lenders stepped up for the PPP and we will continue to work with them to provide small businesses financing through the SBA 7(a), 504 and Microloan programs.”
     
    More information about SBA Debt Relief is at www.sba.gov/coronavirusrelief.
     
     
    EIDL Still Available for Businesses, Nonprofits
     
    EIDL applications continue to be processed and accepted as another financing option for small businesses and nonprofits impacted by the Coronavirus pandemic.
     
    In just three months, the SBA approved and disbursed nearly twice as many EIDL loans for COVID-19 than it has for all other disasters in the combined 67-year history of the agency.
     
    EIDL and EIDL Advance Data as of July 15, 2020
    Full EIDL and EIDL Advance reports available for download
      EIDL Loan Numbers EIDL Loan Volume Advance Loan Numbers Advance Loan Volume
    Alaska 6,290 $383 million 10,389 Nearly $33 million
    Idaho 9,934 Nearly $562 million 19,893 Nearly $61 million
    Oregon 30,967 Nearly $1.8 billion 57,712 $183 million+
    Washington 51,397 $3.2 billion+ 96,247 Nearly $309 million
    Pacific Northwest 98,588 Nearly $6 billion 184,241 Nearly $586 million
    National 2.6 million+ $150 billion+ 5.7 million+ $20 billion
     
     
     
     
     
     
     
     
     
     
     
     
     
    More information about the EIDL is at www.sba.gov/disaster.
     
    For more information about all COVID-19 resources and financing options for small businesses visit www.sba.gov/coronavirus
     
    # # #
     
    About the U.S. Small Business Administration  
    The U.S. Small Business Administration (SBA) makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov. The Pacific Northwest Region serves Alaska, Idaho, Oregon and Washington.