March 9, 2021 – The Washington Economic Development Association (WEDA), the National Development Council (NDC) and leaders of the Washington Small Business Recovery Working Group are urging small businesses and non-profits to act now to secure a forgivable Paycheck Protection Program (PPP) loan.
Nearly two-thirds of PPP funds have been allocated as of March 7 and only 21 days remain to find a lender, apply for and secure a forgivable loan.
WEDA and its economic development partners are making sure Washingtonians know “PPP is Back & Better,” and that SmallBizHelpWA.com will help them navigate available resources.
Since January 11, 2021, almost 44,000 Washington state small businesses and non-profits have secured more than $4 billion in forgivable PPP loans, and recent changes to PPP eligibility rules will help the smallest businesses and non-profits tap these crucial funds. These changes make it easier for self-employed individuals and sole proprietors to get income, and rules clarify eligibility for non-citizen owned firms, those with non-fraud felony convictions and individuals with defaulted or delinquent federal student loans.
Businesses interested in this assistance should:
- Find a lender at SmallBizHelpWA.com
- Identify a local Technical Assistance Provider ready to help
- Read the SBA’s latest PPP FAQ
Attend an upcoming free webinar to learn more:
- SBA Round 2 COVID-19 Relief: How To Apply – March 12, 10 – 11:30 a.m.
- Spanish Webinar: Accessing PPP Loans with the NDC – March 10, 10 – 11:00 a.m.
Bookmark SmallBizHelpWA.com and track new events added to the calendar
PPP ROUND 2: BY THE NUMBERS
State of Washington:
- # of Washington state businesses participating in Round 2 of PPP: 43,904 (1.8% of US total)
- Value of PPP funding secured by WA applicants: $4 billion (66.7% of our goal – and 2.4% of US total!)
- # of businesses participating in Round 2 of PPP: 2,409,105
- Value of PPP funding secured by applicants: $164.9 billion
- Average loan size: $68,000 (Down significantly from the 2020 loan average of $101,000)
“In the final weeks of the PPP, we are prioritizing outreach to those intended to benefit from the new eligibility rules, particularly our smallest businesses such as solopreneurs, self-employed individuals and independent contractors,” said Mary Jean Ryan, Chair, Washington Small Business Recovery Working Group.
“With more than $4 billion allocated to Washington state businesses and non-profits, we’re proud of our progress, but we’re not done yet. We need to make sure our smallest businesses and non-profits apply, get funded, and are set up for future success,” said Suzanne Dale Estey, Executive Director, Washington Economic Development Association.
“Lenders are ready now to help small businesses and non-profits tap these available resources. Use www.smallbizhelpwa.com to find a lender and technical assistance. Help us help you and your community,” said Chuck Depew, West Team Leader, National Development Council.
For more information, please contact:
- Mike Gilmore, Mike.Gilmore@nyhus.com.