June 29, 2020 — The Small Business Administration announced Thursday that owners of commercial fishing vessels are now eligible to apply for Paycheck Protection Program (PPP) loans — giving them only three business days to get their paperwork in before the program expires at the end of the month.
The PPP program was designed to let small business owners keep workers on payroll during the COVID-19 pandemic. The loans can be fully forgivable if the recipient uses at least 60 percent of the funding to pay workers.
Advocates for the fisheries on Friday praised the move from the SBA while encouraging fishing boat owners to hustle on down to their local banks to get their applications in. All PPP loans must be approved no later than than June 30.
“We’re hearing that many banks stopped taking PPP loan applications on Friday,” said National Coalition for Fishing Communities Executive Director Robert Vanasse. “With this news from the SBA, we hope that local banks will extend that window until Tuesday.”