Small Businesses Need PPP Loan Forgiveness to Survive Pandemic
The pandemic relief funds provided through the CARES Act and Payment Protection Program (PPP) Loans have been a great assistance to the employers and their employees in our community. Many businesses in our region have not been able to fully re-open, and many remain totally closed, as the COVID-19 pandemic continues across Washington.
Businesses continue to need assistance to maintain employment and transition through this slow recovery. Federal lawmakers are considering automatic forgiveness for businesses that have outstanding loans of up to $150,000. This would assist more than 80% of our local businesses in the Wenatchee Valley who have borrowed PPP funds.
The forgiveness process can take between 60 and 150 days. Streamlining this for small businesses will allow them to focus on what is really important; recovery and providing for their employees. Additionally, this would ease the burden on our community banks and financial institutions. It will allow them to focus their energy on providing core services to our communities in an effort to move recovery along more quickly.
The application for Paycheck Protection Program Loan forgiveness is now available; however, applications cannot be submitted to the Small Business Administration until their portal opens on August 10th. The Wenatchee Valley Chamber of Commerce is urging Congresses to adopt automatic forgiveness for businesses that have outstanding loans of up to $150,000 prior to the portal opening.