PPP is Back!

As you are probably aware PPP is back. It’s a forgivable loan. If you follow the rules you won’t have to repay it, just like a grant. Don’t wait too long to apply. There will be a lot of demand and eventually the funds will be depleted.


If you took advantage of this COVID federal funding program for small businesses last year, you can do it again.



It kicked off Monday, Jan. 11. However, only first time users of PPP can apply right now. Second time users must wait until Wednesday. You can apply until March 31, assuming the money lasts that long.





Again, it’s a forgivable loan. To make sure it’s forgiven you have to following rules, including how you use the money. Most of it has to be spent on payroll costs.


Most borrowers can get 2.5 times their average monthly payroll costs from 2019 or 2020. But restaurants and hotels (businesses in the “Accommodation and Food Services sector”) can get 3.5 times their average monthly payroll costs.


First timers

Apply now. Contact your bank or Old West Federal Credit Union in Pendleton, which is a certified CDFI, which means it gets a head start in providing these loans. Contact Jill Parker at Old West,


Second timers

For a second PPP loan, you have to have no more than 300 employees and you must show that your revenue went down by at least 25% between a quarter in 2019 and the same quarter during the pandemic.


Applying for a PPP loan

First timers can apply now. Although second timers can apply starting on Wed., Jan. 13, you have to get the money from a bank that’s certified as a CDFI. The PPP will become available through all banks soon, but the date is unknown at this point. A CDFI (Community Development Financial Institution) in Pendleton is Old West Federal Credit Union. Contact them for more information and to apply now for a first or second PPP forgivable loan. The contact for PPP at Old West is Jill Parker, 541-278-6800.


However, you may want to wait a few more days and apply through your own business bank. Banks are going to want to accommodate their customers first so your own bank may be your best bet. Contact your banker now to let her know that you’re interested in applying for the PPP or getting more details.