SPOKANE, Wash — Several small businesses around Spokane have started receiving their payment from a federal loan program.
The Payment Protection Program is giving $350 billion to small businesses around the country.
Terra Coulter learned she was approved for the program Friday.
She owns the Studio One Spokane hair salon and had to close the salon on March 17 to follow Gov. Inslee’s Stay-Home, Stay-Healthy order.
She learned she would receive about $5,000 from the PPP loan, but she normally earns about $6-8,000 a month.
“I don’t want to be going into debt so that I don’t have to close my doors. That’s not my goal here,” she said.
Though Coulter hasn’t received her check yet, banks have started passing out PPP payments.
Bank CDA in Coeur d’Alene received 235 applications in one week. On Monday the bank funded more than 150 of those requests, totaling $16.2 million.
“The goal is that these businesses continue to pay their employees,” said Wes Veach, the bank’s CEO.
Veach said he expects the bank will still see some applications coming in.
“We foresee the majority of our loans being funded today and tomorrow,” he said.
While Coulter waits for her check, she said she’s trying to earn money offering curbside delivery for products like shampoo and gift certificates.
“I’m sure some of use are glad to be home, but some of us want to be out in the work field,” she said.