Lewis EDC: Paycheck Protection Program Extended to May 31

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The following content was produced by the Lewis Economic Development Council, which publishes a special section in The Chronicle monthly. 

On March 25, Congress extended the Paycheck Protection Program deadline until May 31, giving eligible businesses and nonprofits extra time to submit applications and work with lenders to secure this critical aid.

​“Small businesses are the backbone of Washington’s economy and many have been devastated during the pandemic,” stated a press release from the Washington State Small Business Recovery Working Group. “Many have closed, others are barely hanging on. Small businesses owned by people of color have been particularly impacted.”

​Congress has passed several aid packages and the state of Washington has provided relief, along with many local communities. But resources can be difficult to find, and the applications can be challenging to navigate, the release stated.

On the website www.smallbizhelpwa.com you’ll find answers to frequently asked questions, information on how to find individual technical assistance, how to find a lender, training opportunities and where to find more detailed program information.

​“Our goal is to help as many Washington small businesses and nonprofits as possible access the help they need,” the release stated.

Forgivable PPP loans proceeds will be able to be used to cover additional expenses, including those associated with operations, property damage costs, supplier costs and worker protection expenses.

Also, the Program’s eligibility is expanded to include 501(c)(6) nonprofit organizations, housing cooperatives and direct marketing organizations, among other types of organizations. In addition, Congress enacted better tax treatment for PPP and made the loan forgiveness process easier for loans under $150,000.

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