The Paycheck Protection Program (PPP)
The SBA developed the PPP to make loans to businesses impacted by COVID-19. The program was suspended on April 16th after the first $350 billion in government guaranties was exhausted. However, on April 24th, $310 billion in additional funding was approved and the SBA resumed issuing loan guaranties under the PPP on Monday, April 27th.
We Are Accepting PPP Loan Applications
PPP Loan Forgiveness
We expect to start processing applications for PPP loan forgiveness in June. In the meantime, we put together some tools to assist businesses in navigating the PPP loan forgiveness process.
For additional insights on the forgiveness process, please see our PPP Loan Forgiveness FAQ: PPP Loan Forgiveness FAQ
To download and use our PPP loan forgiveness calculator:
Here’s the link to the PPP Forgiveness Application and instructions released by the SBA. This will allow businesses to begin to calculate eligibility for loan forgiveness.
How We Are Helping More Businesses
We are referring loan applicants that are self-employed, sole-proprietors or independent contractors to Kabbage. Kabbage is a fintech company that specializes in small business lending. It has developed a highly automated process for small loans and can process these loans much faster and easier than we can. When an applicant clicks the "Apply for PPP" button above, our loan application software will take them directly to the site that best fits their loan request. Depending on demand, we may refer other loan applicants to Kabbage to help more businesses obtain funding.
ORAL AGREEMENTS OR COMMITMENTS TO LOAN MONEY, TO EXTEND CREDIT OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE UNDER WASHINGTON LAW.
Phone: (206) 281-1500
Email: [email protected]
You can sign up for Seattle Bank COVID-19 Small Business Relief email updates here.