Financial Support

 

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

 

**Governor Jay Inslee’s Office has issued a proclamation to Stay Home, Stay Healthy. Visit the Washington State Coronavirus Response (COVID-19) page for Businesses & Workers to learn more about what this means for you. 

City/Regional

City of Tacoma

  • COVID-19 Tax Relief for Tacoma Businesses
  • COVID-19 Stabilization Loan Program
    The City of Tacoma’s Community & Economic Development department has developed a COVID-19 Stabilization Loan program. Due to the negative impact COVID-19 and mandatory shutdowns are having on small businesses, the City of Tacoma will be offering micro-loans to existing small businesses (in operation for 1 or more years) with a physical location in Tacoma.
    Last day to submit a COVID-19 Pre-Application to be considered for the loan is Tuesday, April 7, 2020, at 5 pm. Please visit the FAQs page to learn more and to start the intake process.

Pierce County Emergency Small Business Relief Loan Program

Small businesses in unincorporated Pierce County who have experienced significant economic injury as a direct result of the COVID-19 pandemic may apply for this loan program if they meet certain criteria. This loan program enacted by the Pierce County Council is a direct action to keep businesses in operation and protect jobs threatened by the COVID-19 pandemic.

County Assessor-Treasurer extends property tax due date to June 1

In response to financial hardships resulting from the recent public health emergency, Assessor-Treasurer Mike Lonergan, in coordination with the County Finance Director, has extended the due date for first-half property tax payments to June 1, 2020.  Interest charges will not be assessed on payments made by that date.  Learn the details in the Pierce County Assessor-Treasurer’s official press release.

Pierce County Department of Emergency Management

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

Washington State

Governor Jay Inslee’s Office

The Governor’s proclamations page can be found here. ​​

  • $200 million to State agencies, local governments and tribal governments who are responding to COVID-19
  • $25 million to assist businesses with unemployment impacts
  • Increases hospital capacity to address greater health care demand
  • Reduces credentialing delays for health care workers
  • Helps ensure providers can treat the people who need care
  • Funds virus testing at the University of Washington
  • Creates a plan to enforce social distancing efforts for Washingtonians experiencing homelessness
  • Allows school employees to access benefits due to school closures, quarantines or if the employee’s childcare is closed
  • Adjusts shared leave program requirements
  • Imposes statewide moratorium on evictions of residential tenants for the next 30 days starting on March 18, 2020
  • Allows the State Utilities and Transportation Commission to enable the use the of ratepayer dollars to provide economic assistance to customers affected by COVID-19, such as those out of work or working significantly reduced hours
  • Waives the one-week waiting period to receive unemployment insurance
  • Allocates up to $5 million of the Governor’s Strategic Reserve funds as grants to small businesses across the state to help prevent closure due to COVID-19; State Department of Commerce to coordinate an application process
  • Authorizes the State Department of Revenue (DOR) to waive late filing fees for property tax exemption renewals; business license renewal late fees; and excise tax interest on B&O, real estate sales and other taxes DOR administers, including interest related to tax preferences for biotechnology and medical device manufacturing—all tax-related measures are retroactive to February 29, 2020
  • Directs the State Department of Social and Health Services to expand eligibility for the Family Emergency Assistance Program to include families without children
    Suspends rules regarding nursing home assessment requirements to allow for faster admissions and suspends long-term care inspections and surveys on particular timelines except in specific circumstances
  • Requests cabinet agencies to be led by the Employment Security Department and the Department of Commerce to support economic retention, resilience and recovery efforts
  • Waives restrictions on hours worked for delivery drivers carrying groceries, medical supplies and equipment, pharmaceuticals, fuel and pet food and supplies; drivers must have a current safety rating of “satisfactory” and cannot extend their hours if they feel fatigued, ill or have been on duty for more than the allowed number of consecutive hours
  • Emphasizes behavioral health community assistance for those who need emotional or mental health support, or treatment resources for substance use (call the Washington Recovery Help Line at 1-866-789-1511)

Washington State Coronavirus Response

Central repository of information regarding:

  • Business and workers
  • Childcare/K-12/Higher education
  • Health
  • Government emergency actions
  • You and your family
  • Travelers and commuters

Washington State Department of Enterprise Services: For Manufacturers/Distributors of Essential Products

The Washington State Department of Enterprise Services (DES) is prioritizing and organizing procurement of essential products in coordination with the Governor’s Office. More specifically, specific infection-control products and other health care supplies identified in the link above are needed immediately and in the foreseeable future. The State is able to buy these products with a purchasing card or purchase order. Impact Washington, a State-funded technical assistance provider, is working with DES by interfacing and coordinating with manufacturers/distributors.

View this information sheet to learn more about how manufacturers/distributors of Personal Protective Equipment can get involved.

The first step is to record what companies have available through this online form.

Congressional Actions

H.R. 6074: Coronavirus Preparedness and Response Supplemental Appropriations Act (approved)

  • developing, manufacturing, and procuring vaccines and other medical supplies;
  • grants for state, local, and tribal public health agencies and organizations;
  • loans for affected small businesses;
  • evacuations and emergency preparedness activities at U.S. embassies and other State Department facilities; and
  • humanitarian assistance and support for health systems in the affected countries.

H.R. 6201: Families First Coronavirus Act (approved)

This bill responds to the coronavirus outbreak by providing paid sick leave and free coronavirus testing, expanding food assistance and unemployment benefits, and requiring employers to provide additional protections for health care workers. Specifically, the bill provides FY2020 supplemental appropriations to the Department of Agriculture (USDA) for nutrition and food assistance programs, including

  • the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC);
  • the Emergency Food Assistance Program (TEFAP); and
  • nutrition assistance grants for U.S. territories.

H. R. 748 Coronavirus Aid, Relief and Economic Security Act–CARES Act (approved)

This $2.2 trillion stimulus package provides a large cash infusion to hospitals, broader access to COVID-19 testing, individual rebates, small business grants and loans and a wide variety of tax breaks.

  • View the Small Business Owners’ Guide to the CARES Act
  • View the Keeping Employees Paid Guide for Small Businesses
  • $350 billion in new SBA Paycheck Protection Program loans, which may be forgivable, for small businesses (<500 employees), non-profits, the self-employed, start-ups and cooperatives designed to pay employees and retain them as well as be easy and quick to obtain; these funds can be stacked with the SBA Economic Disaster Injury Loans.  
    • Loans are equal to the lesser of 2-1/2 months of payroll or $10 million
    • Loans convert to grants if used to maintain employees
    • Loans will be made by SBA 7a and other lenders (more information to be made available on how to access these loans expected during the week of March 30, 2020)
  • $17 billion in debt relief for current and new SBA borrowers; SBA to pay the principal and interest for the next six months on SBA-backed loans
  • $10 billion in immediate disaster grants; up to a $10,000 grant to small businesses, cooperatives, ESOPs, private non-profits, independent contractors and the self-employed to cover immediate payroll, mortgage, rent and other operating expenses–available through the SBA Economic Disaster Injury Loan Program within three days of verifying business eligibility
  • Liquidity help through the tax code, such as delayed payments of employer payroll taxes (up to 50% for one year)
  • The U.S. Chamber of Commerce has shared a detailed checklist on how to get ready to apply for the new SBA Paycheck Protection Program loans.

Impact Washington

This page is intended to provide Washington State’s manufacturers with financial, operational, and healthcare resources regarding the COVID-19 outbreak.

Federal

U.S. Small Business Administration

Federal Disaster Loans for Businesses, Private Nonprofits, Homeowners, and Renters
The SBA offers disaster assistance in the form of low-interest loans to businesses, renters, and homeowners located in regions affected by declared disasters.

Economic Injury Disaster Loans (EIDL)

  • For small businesses, small agricultural cooperatives, small aquaculture producers and non-profit organizations which have been impacted by financial losses due to COVID-19
  • Up to $2 million per borrower
  • For fixed assets, payroll, accounts payable and other bills due to COVID-19
  • 3.75% interest
  • Long-term repayments up to 30 years with terms determined on a case-by-case basis according to each borrower’s ability to repay the loan.
  • Loans <$25,000 no collateral required; >$25,000 collateral required but loan based on repayment ability
  • Additional Application Guidance

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

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

 

 

Private/Nonprofit Resources

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.

Forbes – Small Business Relief Tracker:  Funding, Grants and Resources for Business Owners Grappling with Coronavirus – March 30, 2020

COVID-19 Artist Trust Relief Fund

Translate »