Federal loans have poured $1.8 billion into Snohomish County
EVERETT – As of April, federal loans of up to $ 1.8 billion have been made to more than 15,000 Snohomish County’s businesses and entrepreneurs, data shows.
As part of the paycheck protection program, some were given as little as $ 150. Others received checks for up to $ 10 million.
“Many of our companies and employees could not have survived the past year without PPP loans and other federal, state and local programs,” said Dave Somers, executive of Snohomish County, in a statement. “We are grateful to our congressional delegation for ensuring that support reaches businesses in Snohomish County. Whether it’s a coffee shop, hair salon, or construction company, small businesses in Snohomish County are the backbone of our recovery. ”
And as vaccinations rise and the number of COVID cases fall, companies that have weathered the pandemic are starting to see hope on the horizon.
On Monday, Snohomish County, along with the rest of Washington, will move into Phase 3 of the state’s reopening plan. This enables a capacity of 50% in restaurants, cinemas, bowling alleys, gyms and other indoor businesses.
Two rounds of Paycheck Protection Program loans have kept the doors of That Chicken Place on Hewitt Avenue in Everett open for owner and operator Brandy Wahlstrom. The nearly $ 30,000 she received covered rent, grocery bills, and other bills.
“It’s really lifesaving,” she said.
Her first loan from the federal program kept her doors open for a few months in the spring.
But the pandemic dragged on longer than many had imagined, and she couldn’t go on as the only hostess, cook, dishwasher, caretaker, accountant, supplier and manager of the restaurant.
So it closed in August.
“At that point, I didn’t know if I was going to open up or not,” she said. “I didn’t want all the hard work, blood, sweat, and tears to be wasted. At the beginning I said COVID wouldn’t hit me. You put so much into it. Every business owner puts so much of their own love into them. It’s sad to almost go away. ”
It reopened in September when COVID cases improved.
And last month she was approved for a second federal loan. That and improved pedestrian traffic put That Chicken Place on the right track, she said, and wanted to hire more staff.
Across the county, more than 13,000 businesses and entrepreneurs have received loans of less than $ 150,000 from the federal program.
The remaining 1,500 received between $ 150,000 and $ 10 million. For them, the dates do not indicate exact loan amounts. Instead, it offers ranges like $ 150,000 to $ 350,000 or $ 5 to 10 million.
Eleven companies nationwide received loans of up to US $ 10 million, including the Tulalip Gaming Organization, Electroimpact, and Compass Health.
Sound Publishing, which owns the Daily Herald, received $ 4.1 million and has repaid 70%, said publisher Josh O’Connor.
Under the program, companies are not required to repay the loan if they spend at least 75% of the aid on payroll or employee benefits. The rest can be used for expenses such as rent, utilities or other services for the staff.
If a company doesn’t spend at least 60% of its money on its employees’ payroll, it becomes a loan that has to be repaid in two years.
Joey Thompson: 425-339-3449; [email protected]. Twitter: @byjoeythompson.
gallery
Brandy Wahlstrom, owner and operator of That Chicken Place, has stuck with her Everett business since public policies went into effect a year ago that cut revenues significantly. The federal paycheck protection program helped her stay open. (Kevin Clark / Herald File)