The last day the Small Business Administration can accept new Paycheck Protection Program applications is August 8. However, they advise local businesses and eligible organizations to start the application process this week. Connecting with a lender and compiling necessary paperwork can take some time.
They note that the August 8 deadline is for lenders to submit applications to the Small Business Administration for approval, so a borrower needs to submit their application and paperwork ahead of that date.
As part of economic relief efforts related to the COVID-19 pandemic, nearly $30 billion in Paycheck Protection Program and Economic Injury Disaster Loan funds have been approved for small businesses and nonprofits in the U.S. Small Business Administration Pacific Northwest Region. This region serves Alaska, Idaho, Oregon and Washington.
To put those numbers 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.
In Alaska, a total of over 28,000 combined PPP and EIDL loans, worth nearly $1.7 billion dollars, have been approved thus far.
Economic Injury Disaster Loan applications continue to be processed and accepted as another financing option for small businesses and nonprofits impacted by the 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. That includes $383 million in Alaska alone.