LAKEWOOD, WA — Nearly 16,000 Washington businesses have received loans from the Paycheck Protection Program, or PPP, to help pay their employees during the coronavirus pandemic.
PPP loans were established as part of the federal government’s CARES act, and are similar to grants: they will be forgiven as long as businesses keep its employees on their payroll, without cutting their pay. However, the money does not necessarily have to go directly to employees as long as the business keeps paying them, it can also be used to pay interest on mortgages, rent, and utilities.
Monday, the U.S. Small Business Administration released data showing that nearly 5 million businesses have received PPP loans totaling over $521,000,000,000. The U.S. Treasury says that money has supported 51.1 million jobs, as much as 84 percent of America’s small business employees.
Here’s an interactive map that shows which businesses received PPP loans in Lakewood:
Here are a few local businesses who received PPP funds:
PPP between $150K – $350K
Emergency Food Network of Tacoma and Pierce County
House of Donuts of Lakewood
PPP between $350K – $1 million
Lakewood Oaks LLC
Rainier Internal Medicine
PPP between $1 million – $2 million
Tacoma Glass Manufacturing
PPP between $2 million – $5 million
PPP between $5 million – $10 million
Ram 1971, Inc.
Here is a complete list of all Washington businesses who have received PPP loans over $150,000. Tens of thousands more businesses received loans under $150,000.
Learn more about PPP loans at the SBA’s website here.
This article originally appeared on the Lakewood-JBLM Patch