Small Businesses And Nonprofits Hurt By Coronavirus Can Tap Up To $2 Million In Federal Loans

By Geoff Baker The Seattle Times

WWR Article Summary (tl;dr) Seattle is employing a multi-prong appraoch to keep small businesses afloat during the Coronavirus shutdown. Some federal options, some state programs.

Seattle

Federal disaster loans of up to $2 million have been made available to Washington small businesses and nonprofits significantly affected by the coronavirus pandemic.

The U.S. Small Business Administration announced that working capital loans for fixed debts, accounts payable, payroll and other bills can be accessed in 32 counties statewide including King, Pierce and Snohomish.

Repayment plans can stretch up to 30 years at an interest rate of 3.75% for small businesses and 2.75 % for nonprofits.

"Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing," SBA Administrator Jovita Carranza said in a news release.

Applicants can apply online or download forms and receive additional relief information there as well. They can also call 1-800-659-2955 or email [email protected] for more information.

The program is for small businesses, private nonprofits of any size, small agricultural cooperatives and aquaculture enterprises hurt by the COVID-19 outbreak since Jan. 31. The SBA also offers additional resources.

The city of Seattle last week announced it will spend $1.5 million on $10,000 grants for affected small businesses.

Portland on Tuesday launched a grant program of up to $150,000 for businesses in the city's Jade District occupied by many Asian and Pacific Islander-owned companies, citing media reports of unfounded fears by customers patronizing such businesses.

Portland's mayor has said the program could become a template for use in other business districts.

The Seattle City Council has published a coronavirus resource list that includes information for businesses and employees on paid safe and sick time, deferral of business and occupation tax, and assistance for accessing federal small business loans. Also, the United Way has a resource list for recently laid off workers needing help, while those requiring unemployment assistance can apply here.

The HKM Employment Attorneys law office is also offering a free legal advice page and hotline for Seattle-based employees. ___ Distributed by Tribune Content Agency, LLC.

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