New Report Suggests P3 Loans Helped Oregon Businesses Stay Afloat | Local news
SALEM, OR (KPTV) – A new report from the Oregon Bureau of Economic Analysis contains promising numbers. The report says fewer businesses have closed than they originally thought, and federal paycheck protection program loans may be what kept many people afloat.
The report released on Tuesday still recognizes that business was not good in 2020. It says small business incomes have remained stable and there has been a higher percentage of business closures, especially bars and restaurants. of restaurants. According to the economic analysis office, this difference is only 5%.
The report extracted data from active commercial licenses, liquor licenses, and applications. He mentions how Oregon companies secured just over $ 7 billion in P3 loans last year. Without them, the data shows that business revenues have fallen by almost 20%.
Tavern on Kruse in Lake Oswego was fortunate to get some PPP loans. Managing member Kent Lewis told FOX 12 that this is what keeps the doors open and allows them to run their take-out operation.
“If I had to do it with my own working money, I would have stayed closed, and the PPP loan allowed me to bring people in and pay them to do what I couldn’t afford to pay them. , so in that sense, he really fulfilled his role, ”said Lewis.
Not all restaurants were so fortunate, Lewis said that according to the bank the company works with, some had a harder time processing the loan application quickly enough to get one before the federal funds ran out. exhausted.
The economic report also says startup activity has increased in Oregon since the end of the shelter-in-place phase of the pandemic based on the number of business requests.
If you want to know more, the economic report can be found here.
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