Nearly 60 Camas-Washougal businesses have received forgivable federal Paycheck Protection Program (PPP) loans in excess of $150,000 according to documents released by the Small Business Administration and United States Treasury.
Part of the $2 trillion bipartisan Coronavirus Aid, Relief and Economic Security (CARES) Act passed by Congress in March, the PPP loans were meant to give small businesses the money they needed to keep people on their payroll, rehire employees who had been laid off and cover certain overhead expenses, such as rent and utilities. The loans will be forgiven if businesses used the money for payroll costs, interest on mortgages, rent and utilities. If not, the loans come with a 1-percent interest rate and deferred repayment plans.
Local businesses that received PPP loans of at least $150,000 included a private Christian school, at least one fast-food franchise, a company that designs and manufactures military-style tactical equipment and the parent company for a chain of craft stores. The exact number of Camas-Washougal businesses that were able to secure PPP loans is unknown, as the federal government has only released data for those businesses that took out loans of at least $150,000.
Locally, 57 businesses — 37 in Camas and 20 in Washougal — received PPP loans in amounts that ranged from $150,000 to $10 million.
The federal government released loan ranges starting at $150,000 to $350,000 and going up to $5 million to $10 million instead of exact loan amounts.