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Financial Health, Local Business, Your OlyFed

CARES Act Information For Small Business

On March 27, 2020 the President signed the Coronavirus Aid, Relief and Economic Security Act or the CARES Act. The CARES Act is estimated to provide over $2 trillion in aid and stimulus for both individuals and businesses.

Larry Hueth, the CFO of Olympia Federal Savings, walking in downtown Olympia Washington in front of McMenamins

Support for Small Businesses

The CARES Act sets aside $377 billion for emergency grants, debt relief and a forgivable loan program for companies with 500 or fewer employees. The US Small Business Administration is the lead agency for COVID-19 assistance programs. Below are details about each of these programs:

Paycheck Protection Program (Forgivable Loans)

Updated: June 4, 2020

If you are an existing business and/or personal customer (prior to February 15, 2020) and you are interested in PPP funding, please provide a completed application (SBA Form 2483), an accurate payroll calculator and all required documentation as listed below:

Additional information may be requested as we review your application. Please submit all of these items at your earliest convenience to: CARESACTSBA@olyfed.com.

We will review newly completed applications in the order of which we receive them. Our goal is to review applications as quickly as possible; however, we ask for your patience as we ensure your application is processed in a thoughtful way.

It’s important to note that a completed application does not mean you will receive funding. As we saw during the first round of funding, based on demand and available resources from the SBA, it’s possible some applicants may not receive the support they’re requesting.

Thank you for your flexibility, extra efforts and understanding during these challenging times. We’re honored to have earned your trust and for the opportunity to make a meaningful difference in your life; you make a big difference in ours.

Info for Paycheck Protection Program Borrowers

We are deeply grateful for the opportunity to serve and help our small business and nonprofit customers through the CARES Act SBA Payment Protection Program (PPP).

We’re excited to know you’re able to put your PPP funds to positive use for your business and employees. We know many of you have questions regarding the eligible use and ensuing documentation needed to ensure the forgiveness of your PPP loan.

At this moment, we have put together a PPP Loan Forgiveness Calculator to help you estimate and track where you’re at in terms of qualifying expenses.

In the near future, we will be posting a borrower specific portal to help walk you through all the required application steps, including the necessary certifications and documentation uploads. We are hoping this will make the process as smooth as possible. As soon as the portal is ready to go live, we will post a link on this page.

Until then, please refer to the U.S. Department of Treasury’s recently released Interim Final Rule regarding PPP Loan Forgiveness.

Additionally, the U.S. Small Business Administration recently posted their Intended Forgiveness Application.

Both of these documents are helpful resources in preparation for gathering needed documentation and information for completing your Loan Forgiveness Application once our portal is active.

In the meantime, we also recommend you consult your CPA and/or legal counsel for additional insight, support and details specific to your organization. In addition, the Thurston Chamber of CommerceThurston Economic Development Council and other professional business associations can provide a wealth of information, expertise and assistance.

Thank you for your trust and business. If you have any questions, please direct them to caresactsba@olyfed.com.

Application Assistance

For business owners needing assistance completing their SBA application(s) or pulling together the required financial information, please contact the Thurston Economic Development Council. They’re staffed with experts to help at this time. They can be reached over the phone via their COVID-19 Business Hotline (Monday-Friday from 9:30 a.m. to 3:30 p.m.) at 1 (888) 821-6652.