Financial Tools for Businesses
Loans, grants, tax deferments, and lines-of-credit are all tools that can be leveraged to temporarily offset some impacts of a disaster on a business. This page will be continually updated with Federal, State, local, non-profit and for-profit financial tools and resources as they become available.
First and foremost, please contact your existing bank or lender. Leveraging your existing relationships may be the quickest way to access a line-of-credit and/or defer or restructure existing loans.
If you are a recipient of an SBA 7(a) or 504 Business Loan, contact your lenders ASAP as they have received authority to provide temporary relief in the form of deferred payments to existing borrowers.
Paycheck Protection Loan Program
The Paycheck Protection Program (PPP), included in the passage of the CARES Act, provides potentially forgivable loans of up to $10 million to small businesses run by the SBA working through banks. These loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.
As of 4/16 the funds from the last CARES Act has been depleted. When a new package becomes available, it is important to be ready to apply as soon as possible. Please review our webinar videos and slide decks that can help answer many frequently asked questions. Or contact us for additional assistance.
Economic Injury Disaster Loans (EIDL) and Loan Advance
The U.S. Small Business Administration (SBA) is offering Economic Injury Disaster Loans (EIDL) for working capital to small businesses in King County that have suffered substantial economic injury as a direct result of the Coronavirus (COVID-19) since January 31, 2020. The interest rate is 3.75% for small businesses and 2.75% for non-profits. Deadline for applications is December 16, 2020.Things are changing and being updated on a daily basis and the SBA is doing its best to streamline underwriting. To access Information and an online application, click the button below, or you may call 1-800-659-2955 (TTY: 1-800-877-8339), or email email@example.com.NOTE: The SBA has also pulled together this Overview & Step-by-Step Guide for completing the online application.The SBA’s goal is to arrive at a decision on your application within 2- 3 weeks, at which point a loan officer will contact you to discuss the loan recommendation and next steps.
Click here to review the 3-Step Process for Applying as well as a list of Required Documentation.
As of 4/16 the funds from the last CARES Act has been depleted. When a new package becomes available, it is important to be ready to apply as soon as possible. Please review our webinar videos and slide decks that can help answer many frequently asked questions. Or contact us for additional assistance with preparing for these loans.Info and Application
SBA’s Lender Match
The SBA’s Lender Match is a free online referral tool that connects small businesses with more than 800 participating SBA-approved lenders. Complete a quick online form, without registration, and receive a list of interested lenders, if available, within 48 hours.
Note: it appears lenders are being inundated with requests via this tool, so please be patient
- Describe your needs – answer a few questions about your business in as little as five minutes
- Get matched in 2 days – receive an email with contact information of lenders, who express interest in your loan. Some will reach out to you, and you’re welcome to contact them as well.
- Talk to lenders – compare rates, terms, fees, and more. Ask lenders about interest rates, minimum credit score, cash flow requirements and other qualifying factors.
- Apply for a loan – after reviewing and vetting the available offerings, submit loan applications and paperwork.
Questions? Email firstname.lastname@example.orgView Website
WaFd Bank Small Business Lifeline Line-of-Credit Program
If you are a business who has been negatively impacted by the COVID-19 virus, WaFd Bank is helping to provide emergency funding for small businesses via their WaFd Small Business Lifeline. Those who have seen a 10% or greater drop in revenues can apply to receive up to $200,000 on business lines of credit with 90 days interest-free.
Understanding that that small businesses may need a fast decision, WaFD Bank is expediting the process for lines of credit up to $30,000.
We encourage small business owners in our region who may need help to review the opportunity and apply online at www.wafd.com.
NOTE: this does requires a linked WaFd Bank business checking accountApply Online
Amazon Neighborhood Small Business Relief Grant Program
Amazon’s $5 million Neighborhood Small Business Relief Fund is now accepting grant applications.
The Neighborhood Small Business Relief Fund is intended to help support small businesses near Amazon’s buildings in Seattle’s South Lake Union and Regrade neighborhoods, and Bellevue that rely heavily on foot traffic.
Eligible small businesses will need to:
Amazon will prioritize available funding to those businesses closest to the buildings where their employees work and are able to provide evidence of decreased revenue. To help verify fund eligibility, please complete the application by clicking here.Questions? An external third-party will review your application, contact email@example.comMore Info
- Have fewer than 50 employees or less than $7 million in annual revenue
- Be a service or retail establishment open to the general public. Since the aim of this fund is to help independent small businesses, retail locations owned by publicly-traded corporations will not qualify
Facebook Small Business Grants Program
Facebook is offering $100 million in cash grants and and credits for up to 30,000 eligible small businesses in over 30 countries where Facebook operates. Grant applications are open now.
IRS Tax Deadlines to File and Pay Federal Income Taxes Extended
The IRS has extended the deadline to file and pay Federal income taxes to July 15, 2020 and established a special section of their website dedicated to questions regarding taxes.
King County, WA Postpones Individual Property Taxes to June 1
Individual residential and commercial taxpayers who pay property taxes themselves, rather than through their mortgage lender, can delay payment due to the COVID 19 pandemic until June 1, 2020. Banks and other financial institutions that pay property taxes on behalf of their lending customers will still need to meet the original April 30 deadline.
Governor's Strategic Reserve Fund Grants
Up to $5 million will be made available as small grants to small businesses across the state to help prevent closure due to COVID-19. The state Department of Commerce will coordinate an application process. More details soon.
Business Impact NW
Business Impact NW provides low-interest loans to community-based nonprofits and small businesses, with more flexible criteria than traditional institutions. Additionally, it has compiled an excellent set of COVID-19 resources, including free, one-on-one business coaching.
Delta Dental of Washington Grant/Advance Payment Program
Delta Dental of Washington is pledging $10 million in total grants, and advance payments for care, to help independent dental practices expected to be hardest hit by COVID-19-related closures. More details below.