Update July 28, 9 a.m.: Information on the PPP loan forgiveness is now included below. We also note that the Sierra Business Council, included as a source in this story, received PPP funding, as did Moonshine Ink.
The Paycheck Protection Program came quickly on the heels of the United States’ COVID-19 panic, housed under the CARES Act and implemented by the Small Business Administration.
Through the program, businesses can receive a salve for the wound of pandemic-wrought service limitations or having to close altogether: Funds for eight or 24 weeks of payroll (including benefits), mortgage/rent, and utilities.
As of July 24, 5,005,261 loans had been distributed across the country to the tune of $519,505,881,228 (basically $519 billion). California alone received 597,746 loans for $67 billion. Nevada businesses received $4 billion across 43,506 businesses. Overall, loans have averaged out to $104,000; $130 billion still remains in the PPP pot.
A breakdown of PPP loans received across the country was made public on July 6 by the SBA. Moonshine Ink has narrowed down the information (available online) to those businesses in the Truckee/North Tahoe area. The breakdown is separated into loans over and under $150,000.
Applications from small businesses will be accepted until Aug. 8, an extension from the original deadline of June 30, approved by President Trump on July 4.
The Sierra Small Business Development Center is an option for those in need of assistance with the loan. Jessica Perry Carr, associate director for the Sierra SBDC, told Moonshine in an email that the center’s goal is to ensure maximum forgiveness for small businesses amidst changing guidelines.
“In addition to the federal resources like the PPP and the [Economic Injury Disaster Loans], we are encouraging businesses to seek additional relief through state and local options such as the Resilience Fund, which is now available to the entire Truckee/Tahoe region,” Perry Carr explained, “and the Nevada County Relief Fund, which is currently raising donations for a third round of distribution of microgrants.”
(The Sierra Business Center received funding through PPP, between $150,000 and $350,000 as noted in our spreadsheet .)
PPP loans will be fully forgiven if at least 60% of the funds received are used for payroll, with the rest split between rent/mortgage and utilities. More information on how loan forgiveness for this program, as well as applications, can be found in both English and Spanish here.
More information on up-and-coming microgrants will be advertised when the opportunities are available.