TACOMA, Wash. - Traditional banks may have run out of PPP loans earlier this week but there are non-profit financial institutions who say they have billions left to give out before the end of this month.
On Friday in Tacoma, many people enjoyed a cold beverage inside 7 Seas Brewing. But co-owner Mike Runion said just keeping the doors open during the pandemic has been a constant obstacle.
"We are just in survival mode, our company 7 Seas no pun intended is just treading water," Runion said.
Runion said PPP loans have been pivotal in that survival.
"We’ve done both rounds of PPP loans," Runion said.
PPP loans have run out at traditional banks even before the planned termination of the program on May 31. But there is still $8 billion left in that coffer nationwide that can be accessed through non-profit financial institutions like MoFi.
"The legislation, the law that was passed included a carve-out specifically for organizations like ours and we just haven’t gotten through those carve-outs," said MoFi President Dave Glaser.
Glaser anticipates he can give out loans to around 1,000 Washington businesses on a first come first serve basis if they apply before the end of the month.
"Our average loan size is $16,000 this round," Glaser said.
7 Seas Brewing said because they followed the rules they expect their PPP loans to turn into grants meaning they won’t have to pay it back.
"We are confident that both loans will be forgiven because we’ve used them as they were intended and I think that’s so important, right here no one is taking home bonuses," Runion said.
Runion is encouraging other struggling businesses to go after what is left of the PPP but also other things as well.
"You have to do the research and homework to find any possible grants, loans, opportunities for your business," Runion said.
You can apply for the PPP loan by going to www.mofi.org
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