Coronavirus Relief Loans In Bonney Lake: Where PPP Money Went

BONNEY LAKE, WA — Nearly 16,000 Washington businesses 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.

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 which businesses received PPP loans in Bonney Lake:

Here are a few local businesses who received PPP funds:

PPP between $150K - $350K

1. JNM Electric
2. Tapps Island Association
3. Glacier Fire Protection

PPP between $350K - $1 million

1. Pacific Concrete Construction
2. Troutlodge
3. Blue Sky Automotive

PPP between $1 million - $2 million

1. Cheema Freightslines
2. Highmark Concrete Contractors
3. Sound Sleep Products

PPP between $2 million - $5 million

1. The Wedge Corporation
2. Pacific Crest Cabinets
3. Sunset Chevrolet

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.