Coronavirus Relief Loans In Redmond: Where PPP Money Went

Redmond WA

06 July, 2020

10:40 PM

Description

REDMOND, WA — Nearly 16,000 Washington businesses and non-profits have received loans from the Paycheck Protection Program, or PPP, to help pay their employees during the coronavirus pandemic. PPP loans were established as part of the federal government's CARES act, and are similar to grants: they will be forgiven as long as businesses keep its employees on their payroll, without cutting their pay. However, the money does not necessarily have to go directly to employees as long as the business keeps paying them, it can also be used to pay interest on mortgages, rent, and utilities. On Monday, the U.S. Small Business Administration released data showing that nearly 5 million businesses have received PPP loans totaling over $521,000,000,000. The U.S. Treasury says that money has supported 51.1 million jobs, as much as 84 percent of America's small business employees. Here's an interactive map that shows many of the businesses that received PPP loans valued above $150,000 in Redmond: Here are a few local businesses who received PPP funds: PPP between $150K - $350K Cedar Crest Academy La Isla RedmondEmerald City Gymnastics AcademyPPP between $350K - $1 million Allied Steel FabricatorsLake Washington Youth Soccer AssociationOverlake Christian ChurchPPP between $1 million - $2 million Ally IncorporatedArena Sports Inc.Microvision Inc.PPP between $2 million - $5 million HopelinkWestern Tile & MarbleMerchants Credit CorporationPPP between $5 million - $10 million Expert DrywallGeoengineers Inc.Sequoyah Electric Here is a complete list of all Washington businesses who have received PPP loans over $150,000. Tens of thousands more businesses received loans under $150,000. Learn more about PPP loans at the SBA's website here.