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

Aug 4, 2020 | COVID-19, Finance, Government, News, Small Business

The PPP application deadline is August 8, but SBA Debt Relief, EIDL still options for financing

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 US 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.

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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 percent 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,” said 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, August 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 August 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 September 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.