57 Camas-Washougal businesses have received PPP loans over $150K

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.