COVID-19 Financing

Looking for a New Loan?

Economic Impact Disaster from the SBA

EIDL program is open again directly from the SBA.  Please view our page with instructions and advice on this program or work with a business coach.

SBA

Assistance is available directly through the SBA.  We have information available to help you apply and you can also attend our training, webinar, Q+A, or get help directly from a business coach or apphelp@businessimpactnw.org.

Business Loan from Business Impact NW

We are continuing to provide business loans as usual, with longer than normal processing times.   Read more about our loans and apply.

Application Support

Business Impact NW continues to provide free loan readiness and business coaching assistance.  Our coaches and loan officers are here to help answer your questions about applications, supporting documents, cash flow projections, and more. Sign up for services or contact us at apphelp@businessimpactnw.org.

Paycheck Protection Program (P3) - Round Two

The Paycheck Protection Program (Round Two) a part of the Consolidated Appropriations Act, 2021 (CAA or the Act) was signed into law on December 27th, 2020. This renewed program is intended to provide American small businesses with cash-flow assistance through federally guaranteed loans.  

What you need to know about PPP-Round 2:

• The deadline for the second round of PPP applications is May 31st, 2021
• Businesses are eligible to receive a second forgivable loan if they:
  • employ 300 employees or less;
  • have used or will use the full amount of their first PPP;
  • and demonstrate at least a 25% reduction in gross receipts in any quarter in 2020 compared to the same quarter in 2019.
• Small business owners can also apply for an initial PPP loan.
• Simplifies the forgiveness application for loans under $150,000.
• Allows borrowers to specify a covered period between 8 and 24 weeks
• Expands eligible expenses
• Businesses in the restaurant and hospitality industries are eligible to receive loans of 3.5 times average monthly payroll, rather than 2.5 times.

On January 11th First Draw PPP loan applications from participating CFIs, like Business Impact NW will be open. A First Draw PPP loan is for those borrowers who have yet to receive a PPP loan before the program closed in August 2020. If you are interested in applying for a First Draw PPP loan click here to indicate your interest and a member of the Business Impact Lending Department will contact you directly. 

For current Business Impact NW PPP borrowers, Second Draw PPP Loans will open up to you on Wednesday, January 13^th  2021. The SBA is giving priority to community lenders such as Business Impact NW over other lenders, so you will get priority. A Second Draw PPP loan is for certain eligible borrowers that previously received a PPP loan, generally have 300 employees or less, and has suffered a 25% reduction in gross receipts. See this PPP Second-Draw infographic for more information on eligibility requirements.

Business Impact NW can help small businesses with applications for the P3 program. Our in-house COVID Response Team, business coaches, and loan officers are preparing to support this new wave of federal support.