COVID-19 BUSINESS INFO QUICK LINKS

FINANCIAL HELP FOR BUSINESSES

There are several federal and state financial relief programs for businesses impacted by the COVID-19 pandemic. There are also unique programs available for those that are government contractors, sole proprietors, and for some businesses with unique situations. Please take a look below at all the programs available and click the program that best fits your needs to learn more or to apply.

For a quick overview of programs you are eligible for based on your business structure, click your business category.

Small Business Administration Economic Injury Disaster Loan

*AG BUSINESSES ONLY* Can provide up to $2 million of financial assistance. Repayment terms are determined by your ability to repay the loan.

ELIGIBILITY

  • Must be a small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19.

APPLY: SBA.gov

Small Business Administration Economic Injury Disaster

$10,000 Emergency Advance Grant

*AG BUSINESSES ONLY* Up to a $10,000 advance upon a successful application. The advance does not need to be repaid.

ELIGIBILITY

  • Must be a small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19.

APPLY: SBA.gov 

Paycheck Protection Program

A loan equal to 2.5 times your average monthly payroll up to $10 million. Part of loan can be forgiven if used for specific expenses.

ELIGIBILITY

  • Must be a small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19.

APPLY: SBA.gov

Pandemic Unemployment Assistance

Expansion of unemployment insurance providing up to 39 weeks of benefits, which are available retroactively. The systems are being updated and self-employed workers and independent contractors should be able to start claiming in mid-April.

ELIGIBILITY

  • Self-employed workers, freelancers, independent contractors, and part-time workers impacted by the coronavirus pandemic in 2020.

MORE INFORMATION: WA State Employment Security Department

Employee Retention Tax Credit

A payroll tax credit of up to $5,000 per employee.

ELIGIBILITY

  • Business must have fully or partially suspend operations, or had a decrease in revenue of 50% over the same quarter in 2019.

MORE INFORMATION: U.S. Internal Revenue Service

Deferral of Payroll Taxes

Beginning in April 2020, businesses may elect to defer payment of the 6.2% employer social security tax through December 31, 2020. Deferred tax amounts will be paid in equal amounts over two years with payments due on December 31, 2021 and December 31, 2022.

MORE INFORMATION: U.S. Internal Revenue Service

Government Contractor Relief

Contractors can be reimbursed for up to 40 hours per week of any paid leave, including sick leave. Contractors can also work with Government Agencies to modify the terms and conditions of contracts.

MORE INFORMATION: Holland and Knight CARES Act Contractor Relief

Existing Small Business Administration Debt Relief

The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months – and for any new 7(a), 504, and microloans issued prior to September 27, 2020.

MORE INFORMATION: SBA.gov

Express Bridge Loans Of Up To $25,000

Only for small businesses that currently have a business relationship with an SBA Express Lender.

MORE INFORMATION: SBA.gov

THE FOLLOWING PROGRAMS ARE NO LONGER ACCEPTING APPLICATIONS

Working Washington Small Business Emergency Grant

Governor Inslee is offering a new Working Washington Small Business Emergency Grant program to assist small businesses impacted by the COVID-19 outbreak. The grant program will provide a limited number of businesses in Washington’s 39 counties with a grant up to $10,000.

ELIGIBILITY

  • Applicants should have been in business for at least one year.
  • Businesses with up to 10 full-time employees may apply.

APPLY: WA Department of Commerce (CLOSED 4/17 AT 5PM)

UPDATE – 4/20/20 (12:00PM)

The deadline to submit an application has passed. Commerce stopped allowing applications at 5:00 PM on Friday April 17. If you have re-submitted an application that was missing information or was blank – your application will still be processed.

As of Friday evening, April 17, we have received 700+ applications. Unfortunately, not all applications will be approved. Below is the process for this program.

It is anticipated that applications will be approved or denied within 2-3 weeks.

  1. Applications will be reviewed by YCDA and submitted in batches to the Department of Commerce on Friday of every week.
  2. Commerce will review the applications and submit them to the Governor’s office which makes final approval by Friday the following week.
  3. If your application is approved, someone from YCDA will contact you early the next week to put in place the final details including:
  • Entering into an agreement for the Working Washington Small Business Emergency Grant to reimburse your business
  • To collect invoices or receipts for the expenses to be reimbursed
  • Entering into an agreement for your business to report its operating status, and total of number of employees on June 30, 2021

Funds will be available once the agreements are in place – this will be between 4-6 weeks from when you submitted your application.

Save Small Business Grant

Funded by corporate and philanthropic partners, the Save Small Business Fund is a collective effort to provide $5,000 grants to as many small employers as we can. Grants will be awarded on a weekly basis.

ELIGIBILITY

  • Employ 3-20 people
  • Be located in an economically vulnerable community
  • Have been harmed financially by the COVID-19 pandemic.

APPLY: US Chamber of Commerce Foundation