COVID-19 BUSINESS INFO QUICK LINKS

FINANCIAL HELP FOR BUSINESSES WITH LESS THAN 500 EMPLOYEES

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

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

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.