COVID-19 Disaster Resources for Small Businesses
COVID-19 Disaster Resources for Small Businesses in Washington:
- SBA Disaster Loan Program – Rates & Terms vary, but generally the interest rate is 3.75% and terms are up to 30 years. Decisions are coming through after 3 weeks, and funds are hitting accounts 1 week after that. The Seattle SBA Office is completely inundated, and expect to wait on hold for hours to get to talk to someone live. Please seek the help local resources like the Women’s Business Center, the SBDC, Score and Veteran’s Business Centers for help with completing your loan application package. As of the time of this publication, this section of the SBA site is DOWN FOR MAINTENANCE, so here is the OFFLINE application page, until their online functionality is restored: https://disasterloan.sba.gov/ela/Home/OfflineApply.
- SBDC Business Resiliency Webinar.
- Check with your Business Insurance Policy / Agent, to find out whether your Business Insurance covers economic losses due to “Business Interruption.” This is one! If you are covered, file a claim for actual + projected revenue lost during March, and for projected losses for April – May – June. These are only ideas; please get professional advice from your insurance agent.
- Employment Security Department COVID-19 Information for Workers
- Employment Security Department COVID-19 Information for Businesses
- Internal Revenue Service COVID-19 Information on Tax Deferment
- WA Department of Revenue Information on WA Business Taxes
- WA Department of Commerce Small Business Emergency Grants Program (expected to roll out this week)
- Governor’s List of Resources for Small Business
- Try calling the Commercial Lender at your local community bank. Especially now, community banks and credit unions are eager to support the business owners in the communities that they serve.
- WA Department of Commerce Small Business Emergency Grants
- SBA COVID Disaster Support Options, Including EIDL, Paycheck Protection Program, SBA Bridge Loans, and SBA Debt Relief