Oregon Governor Kate Brown is encouraging businesses across the state to take advantage of the U.S. Small Business Administration’s Paycheck Protection Program, which still has an estimated $100 billion available nationwide.
Nearly 55,000 Oregon businesses have already signed up, Brown said, obtaining more than $7 billion in loans through the PPP thus far. The loans — which will be forgivable for the majority of recipients – are designed to help businesses pay their employees during the COVID-19 pandemic.
Those who have benefited include locally owned restaurants and food carts, barbershops, bakeries and construction companies, according to the governor.
“Many small businesses, especially those owned by people from communities of color, immigrant communities and historically underserved communities have faced hurdles in receiving the funds for which they are eligible,” Governor Kate Brown said in a press release Friday. “I’m committed to ensuring that Oregon businesses and working families receive the critical federal dollars they need during this crisis.”
The SBA loans do not have to be paid back if businesses follow the SBA guidelines for loan forgiveness. For loans that are not forgiven, the loans are for two years at 1% interest with no payment in the first six months.
Many banks and credit unions across the state are still accepting applications for the program, including from new customers.
“Any Oregon business impacted by COVID-19 that has under 500 employees – including sole proprietors – may be eligible for this unique, short-term program,” said Linda Navarro, president and CEO of the Oregon Bankers Association. “Spread the word that there are still funds available – funds we want to get into the hands of Oregonians.”
Business owners are encouraged to call the state’s COVID-19 Small Business Navigator at 833-604-0880 for assistance navigating available resources. Lists of Oregon financial institutions providing SBA Paycheck Protection Program loans are available here for credit unions and banks.
Help us build a sustainable news organization to serve Canby for generations to come! Let us know if you can support our efforts to expand our operations and keep all of our content paywall-free. #SwimWithTheCurrent!