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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.  

Current Issue

Alaska Business Magazine September 2020 Cover

September 2020

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

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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.   

Alaska Business Magazine September 2020 Cover

In This Issue

Spreading the Word

September 2020

When Bristol Bay Native Corporation (BBNC) first aired TV commercials featuring the tagline, “A Place That’s Always Been,” the reaction was surprising. Not only because they received numerous accolades and marketing awards for the campaign but because, at the time, it was rare for Alaska Native corporations to market themselves through the media.

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