Paycheck Protection Program opens April 3rd to businesses in San Juan County and elsewhere
The Economic Development Council (EDC) would like to convey to business owners that applications for the Paycheck Protection Program (PPP), a vital component of the CARES Act signed into law last week, will be open for local small businesses on Friday, April 3rd.
The program gives small businesses, including independent contractors and self-employed individuals, vital short-term funding to continue to employ workers, and a portion of the loans can be forgiven and converted to grants if used according to program guidelines. The loan application portal opened starting last Friday (April 3) for small businesses and sole proprietors, and will open Friday (April 10) for independent contractors and self-employed individuals.
All local banks and other SBA lenders will participate in this program, and the US Department of Treasury is adding other regulated lenders as quickly as possible.
Business owners should contact their bankers directly to find out if they are eligible to participate, and are urged to act quickly as this is a first-come, first-served program. Locally, Banner Bank (for Islanders Bank customers) and Heritage Bank are currently working with local businesses on the process, and Wells-Fargo is rolling out details on their website.
The EDC thanks San Juan County, the Raynier Foundation, the Town of Friday Harbor, the Port of Friday Harbor, Kings Market, Friday Harbor Market Place, Orcas Island Market, Walt Corbin, Orcas Kiwanis, the Orcas Island Community Foundation, Islanders Bank, Heritage Bank, and the Washington State Department of Commerce for their support of EDC initiatives.
The Economic Development Council (EDC) strives to strengthen and diversify the economy of San Juan County. We believe a strong economy builds a strong community.