Paycheck Protection Program

SEATTLE - The U.S. Small Business Administration (SBA) has released an updated Paycheck Protection Program (PPP) report detailing data from both rounds of PPP funding through May 30. 

The report details data for states in the SBA's Pacific Northwest Region plus national numbers. 

In Washington, there had been a total of 90,505 loan approvals as of May 16, which totaled $12.1 billion. As of May 30, that total was up to 92,627 approvals totaling $12 billion. 

Nationally, there had been a total of 4.3 million loans as of May 16 totaling $513 billion. As of May 30, there were 4.4 million loans totaling $510 billion.

The full report can be found HERE.

The totals in the report reflect cancellations due to duplicative loans, loans not closed for any reason and loans that have been paid off. This inclueds repayment from the safe harbor deadline the SBA implemented to allow businesses owned by large companies, adequate sources of liquidity to repay the loan in full. 

"While more businesses are keeping employees on their payroll with help from the Paycheck Protection Program, there is still more than $100 billion in PPP funds available for small businesses, independent contractors, nonprofits and tribal businesses," SBA Pacific Northwest Regional Administrator Jeremy Field said. "This forgivable loan is providing much-needed financial relief to tens of thousands of small businesses in the Northwest. However, we know there are more people who can benefit. We are urging all small employers and those who are self-employed to connect with a local lender to apply for PPP funds now."

Business owners who would like to apply for a PPP loan can do so through the SBA website HERE.