Resources for Businesses facing COVID-19 economic IMpact

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  • Main Street Lending Program
    The program supports lending to small and medium-sized businesses (less than 10,000 employees or 2019 revenues of $2.5 billion or less). The Program operates through two facilities: the Main Street New Loan Facility (MSNLF) and the Main Street Expanded Loan Facility (MSELF). A Reserve Bank will purchase 95% participations in loans originated by eligible lenders; lenders will retain 5% of the loans. Loans will have a four year maturity, and principal and interest payments on the loans will be deferred for one year. Eligible lenders may originate new loans or increase the size of existing loans made to eligible businesses.

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  • Employee Retention Tax Credit
    Eligible employers can claim a refundable tax credit equal to 50 percent of up to $10,000 in qualified wages and health plan expenses.
     

  • Sick & Family Leave Employer Tax Credit
    Employers may claim tax credits for providing paid sick and family leave, including for the care of children due to daycare or school closure and for the care of someone with coronavirus.

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  • Economic Injury Disaster Loan (EIDL) program
    The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
     

  • EIDL 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. The "loan advance" is the same application as for the EIDL program. SBA has limited the amount available for each business to $1,000 per employee, up to 10 employees. The U District Partnership has a video explainer on how easy it is to apply.
     

  • Paycheck Protection Program
    SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. The Paycheck Protection Program will be officially available through June 30, 2020, however, there are reports that the amount of funding authorized by the CARES Act is rapidly depleting.
     

  • SBA Debt Relief
    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 Development Centers
    These centers will help you navigate available SBA loans and provide you with no-cost business consulting.

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  • Export Credit Insurance
    Protects your business in case your customers overseas are slow on paying receivables or go out of business. It allows you to commit to export sales without fear of loss during the pandemic.

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  • Working Washington Small Business Emergency Grant Program
    Governor Inslee has created a Working Washington Small Business Emergency Grant program using a portion of the state’s Strategic Reserve Fund (SRF). A limited number of grants (up to $10,000) are available to small businesses with up to 10 employees.
    Time: 4-6 weeks for processing and disbursement
     

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  • Everett CARES Grant Program

    • City of Everett will award 50 grants of $10,000 to small businesses and nonprofits (1-20 employees) with brick & mortar locations in the city, whose owners and/or employees make less than 80% of the area median income.

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