Applications for forgivable business loans opened Jan. 11
The City of Bellevue encourages businesses to apply, if eligible, for the second round of forgivable Paycheck Protection Program (PPP) loans that has been launched in phases via the Small Business Administration. To have the best chance of receiving funding, businesses should apply as soon as possible via their business’s bank or financial institution.
On Dec. 21, Congress passed a relief bill including $284 billion in funding for the PPP. The PPP provides businesses with 2.5 months of payroll costs. To obtain full forgiveness, borrowers must spend at least 60% of loan funding on payroll, but can spend up to 40% on other qualified expenses including; rent, mortgage interest, utilities, business software, property damage cost, covered supplier costs, and PPE and safety expenses.
This new round of funding is limited to businesses with fewer than 300 employees that have experienced drops of at least 25% of their revenue during the first, second or third quarter of 2020. Businesses can receive up to $2 million in funding.
“We are encouraged to see more rounds of business relief and hope local businesses will take advantage of these resources,” said Chief Economic Development Officer Jesse Canedo. “This program can help Bellevue’s small and independent businesses stay afloat and keep Bellevue’s residents employed.”
Bellevue works with partner organizations to assist businesses in applying for PPP, EIDL loans, and other financial resources in multiple languages. The city also maintains a Business Resources web page detailing all known available resources, including grant and loan programs, regional support campaigns, city-sponsored assistance programs, and ways to support local businesses.
Image Courtesy: Bellevue Downtown Association