Financial Support

Examine Federal, State, local and private sector resources that may benefit businesses financially.

 

City of Tacoma Media and Communications Announcements

Visit this site to stay informed of what the city is doing to ensure continuity of services, learn of any changes or delays to services, and to read updates from the Mayor’s office.

The City of Tacoma has allocated $1.2 million to assist eligible households affected by the COVID-19 pandemic with rent payment. The Rental Assistance Program provides a one-time payment of up to $1,000 directly to landlords of selected individuals or families who meet the following eligibility requirements:

  • Households located in the City of Tacoma
  • Households who have experienced loss of employment or reduction in wages due to COVID-19.
  • Households at or below 50% Area Median Income for Pierce County

To submit an application, visit the city’s Coronavirus Updates page.

Some funds have been set aside for direct referrals by community agencies that are helping to address inequities faced by people of color in our community. If you are a service provider that would like to make a direct referral, please contact LASA at communityengagement@lasawa.org.

 

COVID-19 Tax Relief for Tacoma Businesses

 

To access the Minority Business Development Agency (MBDA) Tacoma Business Center PPE Grants and one-on one Technical Assistance to assist your business with the Covid-19 business recovery efforts.

To request PPE and or technical assistance for your business continuity and or business assessment; please apply here https://mbda-tacoma.com/mbda-tacoma-launches-cares-act-program/ or contact

Malika Godo
CARES Act Project Manager
MBDA-Tacoma Business Center
mgodo@cityoftacoma.org
T: (253) 344-6632

Puget Sound Energy Responds to COVID-19

Puget Sound Energy is taking measurable actions to help our customers and communities during this coronavirus situation.

Pierce County Department of Emergency Management

  • Guidance on Federal Disaster Loans for Small Businesses and Private Nonprofits

Rapid Response South Sound

The Tacoma-Pierce County Chamber of Commerce has partnered with the Economic Development Board of Tacoma-Pierce County to respond to the business community’s top concerns surrounding the COVID-19 pandemic by developing a Rapid Response Team and Rapid Response South Sound website co-sponsored by the City of Tacoma and other local businesses and organizations.  Answers are provided to specific questions previously posed by businesses regarding the following topics:
  • Financial Assistance
  • Government Regulation Assistance
  • HR & Employee Assistance
  • Legal Assistance
  • Communications Assistance
Businesses and organizations also have the opportunity to ASK THE EXPERTS to resolve their issues.  Reliable responses will be provided within 24 hours. Be sure to join the team for the COVID-19 Business Info series each Monday, Wednesday and Friday starting at 11 am. Visit the Rapid Response South Sound homepage for registration details.

PIERCE COUNTY CONNECTED: COVID-19 EMERGENCY RESPONSE FUND

United Way of Pierce County and Greater Tacoma Community Foundation have partnered for a coordinated philanthropic response to emerging community needs. The PIERCE COUNTY CONNECTED fund supports organizations providing services to address urgent needs and the disruption of basic human services to Pierce County’s most vulnerable populations due to COVID-19 and the necessary public health measures to address it.
CLICK HERE to learn more about eligibility, application process and application/funding schedule.

Governor Jay Inslee’s Office

Applications open for new round of state Working Washington business grants

Applications still open, priority awards give to those who applied by December 11

Small businesses struggling to survive the impact of COVID-19 can apply now for up to $20,000 in a new round of $50 million in state Working Washington grants. Priority is focused on businesses with annual revenues of $5 million or less in 2019 and those most impacted by the recent public health measures, as well as businesses in sectors that have experienced significant, cumulative impacts. Examples include full-service restaurants, fitness centers, bowling alleys and music and event venues.

Information and applications for this third round of Working Washington Business Grants are available through an online portal on the Washington State Department of Commerce website at www.commerce.wa.gov/bizgrants. Commerce encourages businesses to apply by Dec. 11.

This grant is part of additional financial support funds for families and businesses impacted by the COVID-19 pandemic announced by the Governor recently.  The total new economic support amounts to $135 million. Included in that total is:

  • $70 million in business support grants.
  • $30 million for the recovery loan program.
  • $20 million for rental assistance.
  • $15 million for energy bills for low-income households.

Included in the $70 million in business support grants is $50 million for a new round of Working Washington grants focused on the hardest-hit industries. Remaining funds will go toward historically disadvantaged businesses who applied for earlier business grants and bolstering Commerce’s business resiliency network.

Find more information on available business assistance here.

Gov. Islee extends relief from penalties, fees, interest and due dates

Gov. Inslee has extended the time that businesses impacted by COVID-19 can request relief from state penalties, fees, interest and other due dates until Jan. 19. For more information, visit the Department of Revenue website.

Rental Housing Association of Washington

COVID-19 Resources and Information for Housing Providers and Renters.

Washington State Department of Commerce

Washington State Department of Commerce Economic Resiliency Team (ERT) Business Response Center

The team is currently able to answer questions as quickly as they are received. If you’re a business owner or operator with a question, Ask Your Question Here. 

Startup Washington Small Business Resiliency Assistance

Technical assistance for small business owners from culturally and historically disadvantaged communities.

Technical assistance can include:

  • Finding and help applying for assistance to help your business right now, whether you are open or closed
  • Translation assistance
  • Navigating local, state and federal resources
  • Business coaching

Click here to learn more and to connect with a partnering organization. 

Impact Washington

Impact Washington is providing no-cost guidance to manufacturers to

  1. review existing procedures
  2. conduct an assessment, and
  3. advise on how to implement controls to protect workers.

Manufacturers may request assistance by calling (425) 438-1146 or e-mailing info@impactwashington.org.  The information provided in the files below may be useful to other businesses in addition to manufacturers.

COVID-19 Emergency Back to Work Prevention Measures

Impact Washington Preventive Manufacturing Back to Work Measures

The National Development Council’s (NDC) Grow America Fund (GAF) is taking applications for Paycheck Protection Program (PPP) First Draw and Second Draw Loans!!

Please click the link to start our application process:

https://ndconline.org/ppp

Click here to view a summary of the new federal stimulus package

SBA and Treasury Announce PPP Re-Opening; Issue New Guidance

WASHINGTON – The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13.  The PPP will open to all participating lenders shortly thereafter. Updated PPP guidance outlining Program changes to enhance its effectiveness and accessibility was released on January 6 in accordance with the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act.

This round of the PPP continues to prioritize millions of Americans employed by small businesses by authorizing up to $284 billion toward job retention and certain other expenses through March 31, 2021, and by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan.

“The historically successful Paycheck Protection Program served as an economic lifeline to millions of small businesses and their employees when they needed it most,” said Administrator Jovita Carranza.  “Today’s guidance builds on the success of the program and adapts to the changing needs of small business owners by providing targeted relief and a simpler forgiveness process to ensure their path to recovery.”

“The Paycheck Protection Program has successfully provided 5.2 million loans worth $525 billion to America’s small businesses, supporting more than 51 million jobs,” said Treasury Secretary Steven T. Mnuchin.  “This updated guidance enhances the PPP’s targeted relief to small businesses most impacted by COVID-19.  We are committed to implementing this round of PPP quickly to continue supporting American small businesses and their workers.”

Key PPP updates include:

  • PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
  • PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
  • The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, direct marketing organizations, among other types of organizations;
  • The PPP provides greater flexibility for seasonal employees;
  • Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and
  • Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan.

A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

  • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
  • Has no more than 300 employees; and
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

The new guidance released includes:

For more information on SBA’s assistance to small businesses, visit sba.gov/ppp or treasury.gov/cares.

SBA Reduced Loan Debenture Rates

WASHINGTON – The U.S. Small Business Administration announced the updated interest rates for the 504 Loan Program offered by Certified Development Companies (CDC). Small businesses can now apply for the lowest interest rates since July 2018 as the program is now allowing 20 and 25-year interest rates at 2.214% and 2.269%, respectively.

Small businesses looking for information on how to expand their business’s real estate or improve their working capital should visit: https://www.sba.gov/brand/assets/sba/sba-lenders/504-Loan-Fact-Sheet-Borrower-Version.pdf

US Small Business Administration/Department of Treasury Coronavirus Relief Options

The Small Business Administration (SBA) and the Department of Treasury have begun releasing the information that will guide the programs created through the (CARES) Act. For your convenience, we have linked the programs below with a short summary of their details, plus any documentation created for further clarification 

Additional Guidance:

This FAQ sheet from the Association of Washington Business may help you decide which program is best for your business. 

View a matrix comparing the CARES Act loans.

Beware of Scams and Fraud Schemes

U.S. Small Business Administration still accepting applications for COVID-19 EIDL funds

The U.S. Small Business Administration announced that the deadline to apply for the Economic Injury Disaster Loan (EIDL) program for the COVID-19 Pandemic disaster declaration is extended to Dec. 31, 2021.  The deadline extension comes as a result of the recent bipartisan COVID-19 relief bill passed by Congress and enacted by President Trump on Dec. 27, 2020.

To date, the SBA has approved $197 billion in low-interest loans which provides working capital funds to small businesses, non-profits and agricultural businesses make it through this challenging time.

“Following the President’s declaration of the COVID-19 Pandemic, the SBA has approved over 3.6 million loans through our Economic Injury Disaster Loan program nationwide,” Administrator Jovita Carranza said. “The EIDL program has assisted millions of small businesses, including non-profit organizations, sole proprietors and independent contractors, from a wide array of industries and business sectors, to survive this very difficult economic environment.”

EIDL loan applications will continue to be accepted through December 2021, pending the availability of funds. Loans are offered at very affordable terms, with a 3.75% interest rate for small businesses and 2.75% interest rate for nonprofit organizations, a 30-year maturity, and an automatic deferment of one year before monthly payments begin. Every eligible small business and nonprofit are encouraged to apply to get the resources they need.

 

Employee Retention Tax Credit 

WASHINGTON — July 15th is the IRS tax filing extension date. Businesses who have retained jobs may claim an exemption. The Employee Retention Credit under the CARES Act encourages businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.

Additional Guidance: 

US Chamber of Commerce Guide to the Employee Retention Tax Credit for COVID-19 Impacted Employers 

SBA Express Bridge Loan Pilot Program 

This program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan. 

Terms 

  • Up to $25,000 
  • Fast turnaround 
  • Will be repaid in full or in part by proceeds from the EIDL loan 

Find an Express Bridge Loan Lender by connecting with your local SBA District Office. 

SBA Debt Relief

The SBA Debt Relief program will provide a reprieve to small businesses as they overcome the challenges created by this health crisis. Under this program: 

  • The SBA will also pay the principal and interest of new 7(a) loans issued prior to September 27, 2020. 
  • The SBA will pay the principal and interest of current 7(a) loans for a period of six months. 

The loans eligible for this relief include those guaranteed by the SBA, such as the SBA Business Loan Program (including the Community Advantage Pilot Program, but excluding PPP Loans) or Title V of the Small Business Investment Act. Loans made by an intermediary to a small business using loans or grants received under the SBA’s Microloan Program are also eligible. 

Additional SBA Financing, Exporting and Advising Resources

  • SBA Loan Guarantee Program for working capital, microloans, express loans and lines of credit
  • Counseling services through the SBA Resource Partner Network to help in creating preparedness plans.
  • SBA COVID-19 resources here

National Council of Nonprofits

Visit this site for guidance on the CARES Act specific to charitable nonprofit organizations. Resources include a CARES Act Loan Options matrix and webinar titled: Federal Coronavirus Relief Bills: What Do They Mean for Nonprofits?

Export/Import Bank of the United States

The Export-Import Bank of the United States (EXIM) is announcing relief provisions for exporters and financial institutions located throughout the United States that may have been affected by COVID-19 (coronavirus). EXIM is offering the relief measures outlined on their fact sheet, including waivers, deadline extensions, streamlined processing, and flexibility, to our customers for an initial period of 30 days (with the possibility of a further extension of the period, at EXIM’s discretion) to enable businesses and financial institutions that participate in our programs to return to their business concerns and EXIM-related obligations at an appropriate time without penalty.

Northwest Trade Adjustment Assistance Center

  • Federal assistance to help manufacturing companies hurt by imports

United States Government

Comprehensive Official verified and updated Information of all aspects of the Federal Covid-19 Response.

www.USA.gov/coronavirus

Government Response to Coronavirus, COVID-19 | USAGov
Government Response to Coronavirus, COVID-19. Learn about international travel restrictions, how you can prepare for coronavirus, and what the U.S. government is doing in response to the virus.

www.usa.gov

 

 

In this section, the City of Tacoma is providing information especially related to private sector funding, grants and resources to assist small businesses affected by COVID-19.  It does not represent an endorsement.  Businesses are advised to conduct their own due diligence to determine how this assistance may meet their needs.

COMCAST RISE

Comcast recently announced the next phase of Comcast RISE, a multi-year program with goals and initiatives to support local small businesses owned by people of color and impacted by COVID-19.  Grants of up to $10,000 will be distributed early next year alongside consulting and media and technology resources. This will help such U.S.-based small businesses (which must have been operating between three and five years) build long-term success and boost its operations after a tumultuous year.

To learn more and/or apply:

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Tacoma Urban League

  • Directory of Youth Resources & Programs
  • Transportation Support for Food & Essential Workers
  • Small Business Owners & Entrepreneurs Emergency Funding Application Help

COVID-19 Artist Trust Relief Fund

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