The coronavirus pandemic has taken a toll on our economy. All across our state people are struggling to make ends meet and small businesses are struggling to stay afloat. We will get through this, but right now, we need to stay strong, work together and help each other out.
If you have lost your job due to the pandemic, please visit Employment Security. If you are signing up for unemployment benefits, please keep trying. These folks are working tirelessly to make that happen but they are dealing with an unprecedented amount of calls. You can also sign up for updates and find other resources.
If you have a small business, here are some resources that may be of interest:
Washington Small Business Emergency Grant Program: The Legislature provided funding, and the Department of Commerce is implementing, a program offering a limited number of grants (up to $10,000) available to small businesses with up to 10 employees. More information can be found here.
Paycheck Protection Program: The federal CARES Act authorized up to $349 billion to create the Small Business Paycheck Protection Program (PPP) to help cover payroll, rent, mortgage and utility costs eligible for non-profits and small businesses with under 500 employees. Find more information here.
Emergency disaster loans: The Small Business Emergency Economic Injury Disaster Loans (EIDL) Program provides targeted, low-interest loans of up to $2 million to small businesses and non-profits that cannot exceed a rate of 4%, for up to 30 years. The CARES Act allocated $10 billion to provide $10,000 advances to applicants. Find more information here.
Debt relief: The CARES Act included $17 billion for the Small Business Debt Relief Program, offering six months of loan forgiveness for non-profits and small businesses that currently have SBA 504 or 7(a) loans, as well as forgiveness for any similar loans approved, closed or funded before Sept. 27, 2020. Find more information here.
Bridge loans: The Small Business Express Bridge Loan Pilot Program helps businesses who currently have a business relationship with an SBA Express Lender to potentially access up to $25,000 to bridge the gap while waiting for a decision and disbursement on a direct Economic Injury Disaster loan.