COVID-19 Resources

SBA EIDL Loan Update

The U.S. Small Business Administration (SBA) Administrator Isabella Casillas Guzman announced major enhancements to the COVID Economic Injury Disaster Loan (EIDL) program, a federal disaster relief loan designed to better serve and support our small business communities still reeling from the pandemic, especially hard-hit sectors such as restaurants, gyms, and hotels.

Key changes being announced by the SBA include:

• Increasing the COVID EIDL Cap. The SBA will lift the COVID EIDL cap from $500,000 to $2 million. Loan funds can be used for any normal operating expenses and working capital, including payroll, purchasing equipment, and paying debt.
• Implementation of a Deferred Payment Period.  The SBA will ensure small business owners will not have to begin COVID EIDL repayment until two years after loan origination so that they can get through the pandemic without having to worry about making ends meet.
• Establishment of a 30-Day Exclusivity Window. To ensure Main Street businesses have additional time to access these funds, the SBA will implement a 30-day exclusivity window of approving and disbursing funds for loans of $500,000 or less. Approval and disbursement of loans over $500,000 will begin after the 30-day period.
• Expansion of Eligible Use of Funds. COVID EIDL funds will now be eligible to prepay commercial debt and make payments on federal business debt.
• Simplification of affiliation requirements. To ease the COVID EIDL application process for small businesses, the SBA has established more simplified affiliation requirements to model those of the Restaurant Revitalization Fund.

The enhancements to the COVID EIDL program will allow more businesses greater and more flexible support from the over $150 billion in available COVID EIDL funds. Additionally, these changes will help entrepreneurs access capital at a time when, according to a recent Goldman Sachs 10,000 Small Businesses survey, 44 percent of small business owners report having less than three months of cash reserves, and only 31 percent report confidence in gaining access to funding.

How to apply

Eligible small businesses, nonprofits, and agricultural businesses in all U.S. states and territories can apply. Visit www.sba.gov/eidl to learn more about eligibility and application requirements. The last day that applications may be received is December 31, 2021. All applicants should file their applications as soon as possible.

For additional information on COVID EIDL and other recovery programs please visit www.sba.gov/relief. Small business owners may call SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard of hearing) or email  DisasterCustomerService@sba.gov for additional assistance. The center is open Monday through Friday from 8 a.m. to 8 p.m. EST. Multilingual representatives are available. Small business owners may also contact SBA’s Resource Partners by visiting  www.sba.gov/local-assistance.

All business owners that have received previous loans through the SBA’s Paycheck Protection Program (PPP), Restaurant Revitalization Fund (RRF), or Shuttered Venue Operators Grant (SVOG) can still benefit from COVID EIDL. To learn more about the application process, visit www.sba.gov/eidl.

The Small Business Flex Fund

Small business owners and nonprofits across Washington can apply for low-interest loans of up to $150,000 through The Small Business Flex Fund. The Fund is a public-private partnership aimed at helping small businesses and nonprofits – particularly those in low-income communities – recover and grow as communities across the state reopen for business.

The Flex Fund is different from other COVID-19 recovery programs because of its network of nonprofit, community-based lenders that have decades of experience helping Washington’s small businesses and nonprofits thrive. Through every step of the loan process, these community lenders are there to assist with the application and can make connections to business support services in local communities.

The Fund works with and through local Community Development Financial Institutions (CDFIs), which serve under-resourced communities and underbanked businesses the Small Business Flex Fund aims to help.

All small businesses with fewer than 50 employees and $3 million in annual revenue can apply and culturally-appropriate in-language assistance is available.

Interested applicants pre-apply on the Flex Fund’s online portal and, if they qualify, will be matched with a lender. Once matched, the participating lender will assist the business owner throughout the application process and provide additional advisory support. If a business doesn’t qualify, they will be connected to a trusted community organization that can assist with finding other resources.

Qualifying businesses and nonprofits can apply for loans up to $150,000. Loans are available in 60- or 72-month loan terms at interest rates between 3-4.5%.

The Flex Fund website for this program is available in seven different languages, and technical assistance providers are available to support business owners through the application process. 

No-Cost Accountant Services for WA State Small Business Owners

The Seattle Metro Chamber’s REACH program and the Business Health Trust are sponsoring accounting consulting services for small businesses to help employers navigate PPP forgiveness, Employee Retention Tax Credits, and financial record-keeping for the Restaurant Revitalization Fund.

The CPA assistance is available to Washington businesses with 100 employees or fewer.

Employers can reach out to Leigh (leighj@seattlechamber.com) to get connected with an accountant at Clark Nuber. 

The Spokane Regional Health District recently posted new guidelines about wearing masks indoors. See the guidelines below.

https://srhd.org/media/documents/COVID-19_MaskIndoors.pdf

Washington State Coronavirus Response

For up-to-date information about the impact of the coronavirus, go to the Washington State Coronavirus Response webpage. Available in multiple languages.

 Washington Listens Support Line

The program includes a phone line to speak with support specialists and connect to community resources. People who call the Washington Listens support line will speak with a support specialist and get connected to community resources in their area. The program is anonymous.

The Washington Listens support line is 1-833-681-0211. It is available from 9 a.m. to 9 p.m. Monday through Friday, and 9 a.m. to 6 p.m. Saturdays and Sundays. TTY and language access services are available by using 7-1-1 or their preferred method. Resources and self-help tips are available on walistens.org.

Washington 211 COVID-19 Call Center

Washington 211 COVID-19 call center is a general information line related to COVID-19. If you need information or have a general question, call 1-800-525-0127 or text 211-211 for help. You can also text the word “Coronavirus” to 211-211 to receive information and updates on your phone wherever you are. You will receive links to the latest information on COVID-19, including county-level updates, and resources for families, businesses, students, and more.

Current Opportunities from
The Washington State Department of Commerce

There are many resources available to small business owners in Washington State. Here is a current list of available grants and loans. Check back frequently.

The Washington State Department of Commerce maintains a list of resources available to small business owners. This site updates frequently, so check back often.