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. If you have questions about PPP loans or applications, please contact CARESACTSBA@olyfed.com. Below you will find additional details:
Info for Paycheck Protection Program Borrowers
Updated: September 17, 2020
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.
When you’ve completed the original 8 week period for which your loan is providing payroll coverage, you will receive an email from our vendor StreetShares with a link to a borrower specific portal that will walk through all the required forgiveness application steps to ensure you’ve completed the necessary certifications and document uploads. We’re hoping this will make the process as smooth as possible.
If you have questions, we recommend you checkout this helpful FAQ site, which provides many helpful details. Additionally, we have put together a PPP Loan Forgiveness Calculator to assist you in estimating and tracking where you’re at in terms of qualifying expenses. Please note, this tool should not be used in lieu of the forgiveness portal.
For all rules concerning the PPP Loan Forgiveness program, please refer to the U.S. Department of Treasury’s website.
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 Commerce, Thurston 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.
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.