This page contains a list of resources to Washington small businesses as they respond to COVID-19. It will be regularly updated to include the latest information and resources as they are made available.
Small Business Loans and Programs
Economic Injury Disaster Loan Advance
This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties that does not have to be repaid. This complements the traditional SBA Economic Injury Disaster Loan (EIDL) program which has been in place for the entire nation, all territories and Washington, D.C. since mid-March. Approval notification is estimated at approximately three days.
Paycheck Protection Program
Primarily for payroll expenses, the Paycheck Protection Program (PPP), the latest package includes $310 billion for PPP, with $60 billion set aside specifically for smaller financial institutions like credit unions and community banks. The loan forgiveness portion is dependent on keeping and paying employees or rehiring employees laid off in response to the COVID-19 national emergency. To find a PPP lender, contact a Washington State SBA Office.
SBA Debt Relief
The Small Business Administration (SBA) is providing a financial reprieve to small businesses during the COVID-19 pandemic. This covers all principal, interest and fees on current and new SBA 7(a) loans made through Sep. 27, 2020, for up to six months.
Express Bridge Loan
The SBA’s Express Bridge Loan allows small businesses that have an existing business relationship with a participating lender to access up to $25,000 quickly.
Small Business Assistance and Relief
Small Business Development Centers
These centers will help you navigate available SBA loans and provide you with no-cost business consulting.
County Business Assistance Programs
In addition to state resources, many companies, foundations and business organizations are offering small businesses additional funding opportunities related to COVID-19.
Paid Leave for Workers and Tax Credits for Small and Midsize Business
The U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act (Act), signed by President Trump on March 18, 2020.
Washington Department of Revenue Business Relief
The Washington Department of Revenue Revenue has enacted several measures to provide relief to COVID-19 impacted businesses.
Small Business Resiliency Assistance
In partnership with Washington State’s ethnic commissions, Commerce is contracting with community-based organizations to provide linguistically and culturally appropriate help to business owners.