EVERETT, Wash. - There is new money available for businesses through federal Paycheck Protection Program loans, but a lot of them don't know they’re eligible.
The program provides loans to help businesses keep their workforce employed during the Covid-19 crisis. Borrowers may be eligible for PPP loan forgiveness.
During the first round of distribution at the beginning of the pandemic, many businesses struggled with applications and were denied when they submitted them.
"Now, they haven’t been applying (restrictions) as much and there is still a lot of extra funding left because Congress realized they underfunded and they kept adding more funds to it to make sure they covered enough businesses," said Isaiah Gresham.
Gresham is the founder and president of Gresham Financial. He said a lot of his clients had no idea they were eligible for the PPP loans.
Gresham said businesses that were denied during the first round of PPP loans may be eligible now, due to restrictions being removed.
He also said businesses may be eligible to receive funds from a second round of PPP loans.
"It’s definitely a more equitable playing field this time around, and they’re giving some more priority especially to women-owned and minority businesses to get in on those funds," said Danielle Lothrop.
Lothrop is the owner of Toggle’s Bottle Shop in Everett.
She has already applied for the next round of PPP loans.
She said these dollars are helping her focus on one of the most important aspects of her business: her employees.
"We want to make sure that we're really prioritizing them because there's really not a huge point to staying open and fighting through this pandemic if we come out on the other side without our staff," she said.
Gresham said anyone who has questions can reach out to their banker for assistance. If you don’t have a bank, you can also apply through PayPal or Square, he said.
For more information on the SBA PPP loan click here.
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