Billions still available for businesses impacted by COVID-19

RICHLAND, Wash.-- Paycheck Protection Program (PPP) funds are still available for businesses that need help getting through coronavirus-related closures.

Last week, Congress made some revisions to the PPP program, providing business owners with more flexibility in how the funds are used.

"Instead of 75% of the money being spent on employment and retention of employment and retention of employees, that has been reduced to 60%," said Many Wallner, Economic Development Specialist with the City of Richland. "So, you don't have to use as much of the award for employee-related expenses."

The changes also give businesses more time to pay back the forgivable loans, which are obtained through your local financial institution, as well as more time to spend the money. Initially, businesses had to spend the PPP funds within 8 weeks of receiving it. That has been extended to 24 weeks.

"You also don't have to take the money out if you don't need it right away," Wallner said. "Use it as a fallback plan."

An estimated $130 billion dollars is still available for small businesses, independent contractors, nonprofits, and tribal businesses that have been impacted by the coronavirus outbreak.

June 30, 2020 is the last day to apply for the funds.

The City of Richland also provides information about the federal Main Street Lending Program available for businesses that may not qualify for other federal programs.

You can find more details on the City of Richland website.