- On March 27, the CARES Act was officially signed into law, providing the largest emergency aid package in history. Benefits available to businesses include:
- Loans and loan forgiveness for small travel businesses
- Federally backed financial assistance for impacted businesses
- Tax relief to mitigate losses and spur recovery
- Grants for impacted tourism businesses and airports
- U.S. Small Business Administration (SBA) is offering Economic Injury Disaster Loans to businesses that suffer substantial economic impact as a result of COVID-19. Generally, these low-interest loans provide working capital to assist small businesses in meeting financial obligations and operating expenses.
- This slide deck can guide you through the disaster loan program and includes step-by-step instructions on completing the application.
- The Washington SBDC is offering webinars and other online training opportunities for the SBA application process.
- The SBA has amended its original disaster declaration to apply to all Washington small businesses, regardless of county.
- The Department of Commerce is working with the federal SBA to secure loan assistance and has information for businesses experiencing trade impacts.
- The Federal Government has launched a comprehensive webpage for small business owners to research their options.
More guidance on these programs and how to apply is expected from the U.S. Treasury Department and U.S. Small Business Administration in the coming days.
WASHINGTON STATE RESOURCES
- Governor’s Strategic Reserve Fund: 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 to come.
- Business Impact NW provides low-interest loans to community-based nonprofits and small businesses with more flexible criteria than traditional financial institutions. Additionally, it has compiled an outstanding set of COVID-19 resources.
- Craft3 provides low-interest loans to community-based nonprofits and small businesses, with more flexible criteria than traditional financial institutions.
- The Governor has responded swiftly with expanded benefits programs and a resource list. These include programs such as SharedWork, which provides partial wage replacement to avoid layoffs, and standby, which suspends the job-search requirement for workers to collect unemployment benefits if an employer must make temporary layoffs. You can see a chart of available benefits for various COVID-19 scenarios here.
- The Washington State Department of Revenue has information on relief for taxpayers including extensions for filing and paying tax returns.
- Resources for anxiety and mental health in a global climate of uncertainty.
KING COUNTY RESOURCES
- Amazon has established a Neighborhood Small Business Relief Fund, which will provide assistance for businesses with a physical presence near Amazon’s buildings in South Lake Union or downtown Bellevue.
- Facebook has established a Small Business Grants Program to assist businesses in addressing the impacts of COVID-19. These grants will include both cash grants and ad credits.
- The City of Seattle announced a small business relief package that includes deferred business taxes and a stabilization fund.
- City of Seattle, Seattle Public Utilities, and Seattle City Light are rolling out initiatives to assist those affected by COVID-19. Together they are:
- Offering deferred utility payments for customers impacted by COVID-19;
- Implementing a temporary moratorium on residential, small business, and nonprofit evictions to provide relief for working people financially impacted by COVID-19;
- Creating a new Arts Recovery Package to provide immediate financial relief to artists and cultural organizations that have been impacted by COVID-19;
- Providing rent relief to tenants of City-owned facilities.
- Review additional programs and services for residents and small businesses impacted by COVID-19 on their comprehensive resource page.
SEATTLE/KING COUNTY PHILANTHROPIC RESOURCES
- All In Seattle has raised over $30 million in funds focused on supporting the following causes in our region:
- Food security, communities and workers, small businesses, housing assistance, families and children.
- Seattle Foundation’s COVID-19 Response Fund
- Currently at $15 million to support individuals and families impacted by the pandemic, especially those in high-risk populations. The list of grantees to date will be made available on Monday, March 30.
- Keep Workers Healthy & Safe Fund
- Seattle Metro Chamber has set up a fund to help small businesses (under 200 employees) meet immediate cash-flow needs. Businesses can apply for reimbursement for the costs associated with providing healthcare to employees or protecting their employees from coronavirus.
ARTS & CULTURE RESOURCES
Resources for Organizations and Artists
- King County has compiled a comprehensive Handbook for Creative Industries.
- Artist Trust has created a resource list for artists as well as cultural and community organizations, including financial assistance resources.
- Join Artist Trust’s COVID-19 Response Group for Washington State Artists Facebook group for Washington State artists, arts workers, cultural producers, arts agencies organizations & foundations, and arts supporters.
- The City of Seattle Office of Arts and Culture has a list of resources to assist and support the creative and cultural community.
- Take Americans for the Arts‘ impact survey and visit their website for a list of resources.
- The National Endowment for the Arts has established a detailed resource list for specific crafts and trades, like theatre and museum employees.
- Artwork Archive has compiled a list of financial assistance opportunities available for artists affected by COVID-19.
- A national group of community members has established a long list of resources geared toward freelancers and artists. This includes actors, designers, musicians, composers, craft artists, teaching artists, writers, and others.
Funds for Organizations and Artists
- 4Culture has established some new tools and guidelines for its grantees. If your arts or cultural organization receives sustained support from 4Culture, you may be able to invoice early.
- 4Culture started a Cultural Relief Fund with $1 million to be distributed over the coming months.
- The City of Seattle Office of Arts and Culture is supporting two artist relief funds.
- ArtsFund has started a relief fund enabling arts organizations to retain the core functions and staff they need to reopen when possible.
- Artist Trust also has a relief fund that provides rapid response grants supporting critical needs of artists.
RESTAURANT & BAR RESOURCES
- Restaurant Workers’ Community Foundation is providing a COVID-19 Emergency Relief Fund.
- National Restaurant Association has Coronavirus Information and Resources available.
- Another Round, Another Rally is distributing $500 grants to those who have lost jobs or hours because of the COVID-19 pandemic.
- The United States Bartenders Guild is helping bartenders affected by the virus through its emergency assistance program.