Washington state and the U.S. Government are both providing disaster relief options to small businesses who have suffered any loss of revenue due to COVID-19. If you have questions or would like assistance applying for any of these options, please visit http://www.cie-nw.org/covid-19 to get more information and get in touch. The latest updates are below.
Paycheck Protection Program Flexibility Act
New modifications to the Paycheck Protection Program make it easier for businesses to have their loans forgiven. Borrowers now have:
- more time to use funds;
- can have more non-payroll expenses forgiven;
- have more flexibility on full-time equivalent requirements;
- can negotiate loan terms of up to 5 years;
- can take advantage of payroll tax deferment.
For complete details, check out our previous blog post.
Economic Injury Disaster Loan (EIDL) Advance
The EIDL Advance application portal, which was shut down after the initial funding was exhausted, is now open again for all small businesses, with a special earmark for our smallest businesses. If you missed the initial application period, jump on this now! More information about EIDL found here.
Working Washington Small Business Emergency Grant
The Clallam County EDC and EDC Team Jefferson received 881 applications for the Working Washington Small Business Emergency Grant. Each EDC formed committees whose members were selected by their local cities and chambers.
In the final decision, 48 businesses in Clallam County received $177,193 and 85 businesses in Jefferson County received $154,550 in total. The 127 businesses that were selected all had fewer than 10 full-time employees.
The Clallam County EDC and EDC Team Jefferson continue to advocate for additional relief dollars for small businesses. “While we celebrate the 127 small businesses that received much-needed support, the remaining 754 small businesses that applied are left without. The need remains high for small businesses,” said McAleer, Clallam County’s EDC Executive Director.
