Paycheque Protection Program (P3) Loan Relief Supports Local Small Businesses


By Erin Schlegel

Snohomish County’s small and medium-sized businesses are vital to our local economy. As we have seen firsthand, the disruption of these businesses caused by the coronavirus pandemic has had a significant negative impact on the community. Paycheck Protection Program (P3) loans provide a source of financial support for business owners and their employees.

For community bankers, processing these loans is a way to demonstrate our unwavering commitment to the community. During the first phase of the program, as our team filled out loan applications day in and day out, weekends and holidays, our main motivation was “by finalizing this loan, how many paychecks will they be secured?” for employees in our community, and how many businesses are we going to help survive? ”

Take, for example, one of our clients, a dental practice with eight full-time employees. Without the ability to see patients and provide services, new billings abruptly ceased and employees were left out of work. Another client, a popular craft brewer with more than 20 employees, saw a rapid decline in tap room sales after social distancing requirements at the start of the pandemic resulted in restrictions on indoor gatherings. In both cases, the People’s Bank provided business owners with PPP financing, which directly helped them keep all of their staff on the payroll as they adjusted to changing conditions. commercial.

As these examples show, community banks are honored to seize the opportunity to do everything possible to secure the capital available on behalf of their clients and lead it into the community. Peoples Bank is extremely proud to have supported more than 1,800 Washington-based businesses with PPP funding over the past year.

Many small businesses that took advantage of the PPP program last year will need additional financial support by 2021 and may be eligible to apply for funding in the next cycle of this program. Over the past few months, we have invested significant resources in technology and capabilities to facilitate the PPP application and pardon processes. Our new automated system allows us to manage and process PPP loans much more efficiently and get the funds into the economy much faster. It also allows us to go beyond our existing customer base to help other local businesses and their employees.

As with any new loan program, there will certainly be a certain degree of confusion and stress. Community banks are ideally placed to help in these situations as they provide customers with direct access to a local banker. If you have a question or concern, all you need to do is pick up the phone and speak directly with your lender. This kind of human interaction and accountability is a huge advantage in working with a community bank.

Banque Populaire has served the community for 100 years and has gone through various ups and downs during that time. We have a vested interest in the success of the Snohomish County community, and we will continue to do our utmost to meet the financial needs of local business owners. If you are in need of a PPP loan and want to benefit from the resources, expertise and commitment of a community bank, I hope you will give us a call.

Based at the Banque Populaire Edmonds office, Erin schlegel is Senior Vice President and Head of Commercial Banking Services on the Snohomish County Lending Team. To learn more about PPP loan eligibility and to make an appointment with a local lender, please visit www.peoplesbank-wa.com/sba-paycheck-protection/.


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