Since the launch of the Small Business Administration’s (SBA) new Paycheck Protection Program two weeks ago, Washington-based small businesses have been rapidly applying for funding to sustain themselves. Banks across Washington have approved more than 30,400 loans worth $6.9 billion to local small businesses, according to the Washington Bankers Association (WBA).
From restaurants to medical centers, real estate to child care facilities, and so much more, the PPP program has helped hundreds of businesses across the state. But many still require assistance.
“Banks have been working around the clock to implement this program and deliver funds into the hands of small businesses impacted by the COVID-19 pandemic,” said Glen Simanek, WBA president and CEO. “While we are pleased with what’s been accomplished, we recognize the significant needs that still exist.”
Thumbnail photo by Damir Spanic on Unsplash