See sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loans for current information.

4/16/2021 Targeted EIDL Advance reevaluation request:

Effective immediately, applicants can send a request for reevaluation of a Targeted EIDL Advance application that was declined to the following email address: TargetedAdvanceReevaluation@sba.gov.

Applicants should follow these instructions when requesting a reevaluation:

• Send an email to TargetedAdvanceReevaluation@sba.gov
• Use the subject line “Reevaluation Request for [insert your 10-digit application number]”
• In the body of the email, include identifying information for the application such as application number, business name, business address, business owner name(s) and phone number

Important: Include an explanation and any documentation that addresses the reason for the decline, if available. SBA will contact applicants if additional documentation is required to complete the review

3/8/2021 Note new information under ‘Targeted EIDL Advance sba.gov‘. New mapping tool and (FAQs sba.gov). This is for qualified applicants who applied last year and are located in a low income community who received less than $10.000. SBA will email instructions to those who applied last year and may qualify. All communications from SBA will be sent from an official government email with an @sba.gov.

1/8/2021 EIDL update

• The EIDL Loan Program has been reauthorized through 12-31-2021 or until funds are no longer available. Interest rates are 3.75% for for-profit businesses and 2.75% for non-profit businesses for a 30 year term. Payments are deferred until 12 months and there is no prepayment penalty.
• Apply here – https://covid19relief.sba.gov/#/. Print each application page and verify for accuracy before moving to the next page. Validate your deposit institution’s routing number and your account number.

If your COVID-19 Economic Injury Disaster Loan was declined, you can request reconsideration within six months of the date of the decline letter. Include your application number and information required to overcome the reason for decline. You can send this information via email to pdcrecons@sba.gov or mail to the U.S. Small Business Administration Disaster Assistance Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, Texas, 76155.

More information at sba.gov/document/support-faq-covid-19-economic-injury-disaster-loan-eidl

IEDL Applications

• The SBA is processing applications that have been stuck in the queue. Checking to see if your business credit report has been pulled is the best way to know if it is being processed. (7/1/2020)
• Please note local SBA offices cannot check or access your EIDL application status. Please contact our SBA Office of Disaster Assistance directly at 1-800-659-2955 (TTY: 1-800-877-8339) or email disastercustomerservice@sba.gov.
• Those who applied for SBA EIDL before March 27 and had an application number that began with a “2”, contact your regional SBA. https://www.sba.gov/offices/district/wa/seattle

Excerpts from Washington SBDC CARES ACT webinar

Lender for the EIDL is the SBA not the banks.

Available for most for-profit businesses including self-employed and independent contractors. Exclusions are Farms, Gambling, Religious, Some Charitable and Cannabis entities. Owners of rental properties are eligible for lost rents.

Amount up to $2 million, Term is either 15 or 30 years, Interest rate is 3.75% for for-profit and 2/75% for non-profit. Payments will start a year after the date of the approval of the loan.

Collateral – Unsecured up to $25K, Available collateral will be requested for over $25K. Lack of collateral will not by itself disqualify applicants. Real Estate is not being taken for collateral.

Payment Deferral Period is 1 year. The EIDL is not a forgiveness loan.

No cost to apply. Processing time can be 3-5 weeks although some who qualify easily are quicker.

Loan availability is January 31^st, 2020 to December 31^st, 2020. Increase in loan amounts can be applied for later if the initial loan amount does not cover all of the Economic Injury.

Loan Usage is for operational expenses only such as payroll, general expenses, accounts payable, lines of credit, bridge loans, returns of customer deposits, etc. The EIDL cannot be used to pay down long-term debt. Businesses that have enough cash to weather the crisis will not be eligible.

Loan Crossover or Stacking – It looks like business owners can apply for the EIDL and the PPP but the funds cannot be used to cover the same purposes.

Information and documents that might be needed – Financial reports (P&L, Balance Sheet, Cash Flow Statement, A/P and A/R) from January 31, 2019 to January 31, 2020. 2019 and/or previous year’s tax returns may also be requested/used.

Credit Scores are not a dis-qualifier for the applicants as long as negative credit information can be reasonably explained. Ability to repay the loan is a key qualifier and will involve analysis of the borrower’s ability to repay.

Economic Injury Disaster Loan – Advance. This is a feature included at the end of the EIDL application. It gives you the chance to obtain a $10,000 advance with no strings attached. This loan is instantly forgivable which makes it a grant. It does require completion of the EIDL loan. Funds are to be deposited into the bank account that you provide within 3-5 business days.

State resources

•  www.smallbizhelpwa.com New statewide website with funding and lender information regarding business impacted by COVID-19
• Seattle Office of Economic Development (OED) seattle.gov page has information about the PPP, EIDL and Shuttered Venue Operators grant in Spanish, Vietnamese, Korean, Cantonese, Mandarin, Amharic and Somali.
• Check your County’s designated Associate Development Organization (ADO) for pandemic business funds available: https://www.commerce.wa.gov/growing-the-economy/local-economic-partnerships/

Federal Resources

• Federal SBA Coronavirus Small Business Guidance & Loan Resources sba.gov
  • Shuttered Venue Operators Grant webinar on January 14, 2021 recording available on SBA’s YouTube channel
• Federal Resources for U.S. Small Business http://covid-sb.org/
• Employee Retention Credits irs.gov
• Association of Washington Business (AWB) Rebound and Recovery Washington reboundandrecovery.org
• wsbdc.org  tab: COVID-19 Employer Worker resource tab for Pandemic Unemployment Assistance

Washington State

Mental health resources at coronavirus.wa.gov. One resource here is Washington Listens, a support line (1-833-681-0211) to talk about stress due to COVID-19.

StartUp Washington startup.choosewashingtonstate.com with resources, assistance and grant information when available

AWB PPE Connect reboundandrecovery.org has resources and connection with Washington businesses for PPE

Washington SBDC Bellingham sbdc.wwu.edu recorded webinars includes PPP, eCommerce Grants, FAQs and more

Federal

5/19/2020 Federal Resources for Small Businesses covid-sb.org affected by COVID-19 is a centralized platform with information obtained from multiple federal agency resources in an organized format with searchable functionality.

Federal Resources for U.S. Small Business http://covid-sb.org/

America’s SBDC Covid-19 Resources sites.google.com

• Covid-19 Resources Toolkit – Key Items docs.google.com
• America’s SBDC SBA Coronavirus Loan Programs Comparison Chart docs.google.com

The following was compiled by America’s SBDC

PREPARING TO REOPEN

Though your business may be closed, now is the time to start preparing for your next chapter.  We recommend you develop a well thought out plan for when you can open again. While not all businesses are brick and mortar, many of these tips can be applied to your business.

People across the country are rooting for the small business community, making this an opportunity for you to solidify existing customer relationships and to welcome new customers. 

• PLAN

Use your time now to develop a plan for your reopening the first 3 months.  Consider what you have learned during this time that will benefit you and your business in the future. Define goals and create a to-do list of items with target deadlines.

Develop and refine your disaster plan. Unfortunately as we’ve learned through this experience, disasters can happen to anyone and it’s a matter of “when” not “if” one will occur. Use this time to prepare for the next potential business interruption.

• EMPLOYEES

A successful relaunch and recovery of your business will depend on your ability  to retain talent. Make employee engagement a priority.

• Many small businesses treat their employees like family.  Thank them for hanging in there and acknowledge the financial and mental stress the pandemic has caused them.
• Consider your reopening hours. Come up with a plan that is fluid for what schedules might look like under several different operating models.
• Continue to stay in close communication with your team and share your plan with them when ready. Sharing your reopening plan reminds your team that they are a key factor in the success of your business.
• Employees with disabilities that put them at high risk for complications of COVID-19 may request telework as a reasonable accommodation to reduce their chances of infection during a pandemic. Employers should make workplaces as safe as possible for workers.
• Develop leave policies that promote workers staying at home when they are sick, when household members are sick, or when required by a health care provider to isolate or quarantine themselves or a member of their household.
• Develop a policy for informing workers if they have been exposed to a person with COVID-19 at their workplace and requiring them to quarantine for the required amount of time, being sure to protect the privacy of workers’ health status and health information.
• Consider staggered work shifts and expanding hours to reduce the number of individuals working together at the same time and spread out the contact with members of the public.
• Maintain 6 feet physical distancing for staff, customers, and vendors.
• Face-to-face staff meetings should be limited and respect physical distancing.
• Increase electronic workplace communications (texts, emails, instant messaging, phone calls) with staff to reduce frequent face-to-face contact.
• Adjust break/meal times to limit contact between employees.
• Use posters to remind staff, vendors, and customers regarding hand hygiene and physical distancing.
• Ensure that employees have access to hand soap, cloth face coverings, gloves,  tissues, paper towels, and a designated trash bin to dispose of used items.

• Provide resources and a work environment that promotes personal hygiene such as tissues, no-touch trash cans, hand soap, alcohol-based hand rubs containing at least 60 percent alcohol, disinfectants, and disposable towels for workers to clean their work surfaces.
• Ventilate workspace with open windows and doors to the extent possible.
• Disinfect phones, shared tools, scanning devices, and other shared items regularly.
• Discourage shared use of desks, offices, or phones.

• VENDORS

Hopefully you have been communicating with your vendors throughout all of this. Remember your vendors are an important part of the team.

• Review your current inventory as compared to what you project your sales may be when you reopen (see cash flow below).
• Initially cash flow will be tight, so talk with vendors now about payment options.  Many of your vendors may be willing to consider 30, 45 or even 60 day payment options on any new orders.  Remember they want you to succeed as well – you are their customer!
• Make sure you have a safe process to receive supplies and other deliveries.

• CUSTOMERS

It most likely will take more than a “We Are Open” sign to get customers back in the door.

• Customers may still be hesitant to be out in public.  Start off with the basics such as making sure your establishment is fresh, clean and organized.
• Re-engineer the physical space of your business to facilitate physical distancing among employees and between customers.  Evaluate ways that protect employee and customer safety that make each comfortable interacting.
• Depending on your business make sure, for example, that inventory is stocked, menus are updated, and you and your employees are ready to provide outstanding service.
• Show you appreciate your customers through welcome back promotions, offering new services, and remembering to always thank them for their business.

• CASH FLOW

Prepare a projected income statement.  Remember this is a projection but this exercise will help you be better

• Statements should be broken down by months.
• Include projected sales and all expenses.
• Develop several scenarios that reflect what it may look like when you are back in business. prepared for fluctuations in cash flow.

Businesses that are best prepared to reopen, with a well thought out plan, will undoubtedly be the most successful! 

Washington State Coronavirus information coronavirus.wa.gov

• Roadmap to Recovery Metrics coronavirus.wa.gov
• Reopening guidelines governor.wa.gov

Primary Employer-Worker websites

Washington L & I safety-health Coronavirus lni.wa.gov

Employment Security Department esd.wa.gov

• Employment Security Department esd.wa.gov for workers and businesses news
• ESD SELF EMPLOYED has instructions for self employed COVID-19 related benefits under the CARES Act
• ESD Guide_for_expanded_benefits_COVID pdf
• ESD Application checklist for expanded pandemic unemployment benefits

U.S. Department of Labor dol.gov homepage ‘News’ has latest Guidance for Workers and Employers under Families First Coronavirus Response act other federal announcements for employers

U.S. Department of Labor COVID-19 and the American Workplace

DOL outlines small-business exemption from cornoavirus paid leave law brief from hrdive.com

Centers for Disease Control & Prevention cdc.gov business guidance

• CDC guidelines when reopening a workplace if any employees are at high-risk for COVID-19

OSHA.gov Coronavirus

• OSHA.gov Guidance on Preparing Workplaces for COVID-19  pdf

Webinars

Family First WWU SBDC Webinar

Zoom Recording

Families-First-Act-SBDCPresentation

Employer guidance regarding protecting employees

Washington Department of Health doh.wa.gov

Families First Coronavirus Response Act dol.gov

Re-opening articles

Coronavirus and legal considerations

The National Law Review database of articles focused on various aspects of the COVID-19 crisis. 

• In this video from Bracewell LLC, managing partner Robert Nichols, an attorney who handles OSHA issues, explains why employers must include contractors and contractors’ workers in health and safety measures, in addition to their own employees and customers.

smallbizhelpwa.com is an information and resource hub powered by the National Development Council and Washington Economic Development Association.

SBA.gov Coronavirus Relief Options portal for PPP, EIDL, SBA Express Bridge Loans and SBA Debt Relief

SBA Coronavirus Disaster relief guide covers programs available. The new COVID-19 ECONOMIC INJURY DISASTER LOAN APPLICATION Advance began March 30.

SBA Guidance for Businesses and Employers to Plan and Respond to Coronavirus sba.gov

SBA announcements press releases

IRS.gov Coronavirus Tax Relief for Business

Washington State Department of Commerce startup.choosewashingtonstate.com 

Coronavirus.wa.gov/business-workers note FAQs section

Washington state business resources for COVD-19 business.wa.gov

COVID 19 resource list for impacted Washington businesses and workers Governor.wa.gov

WWU SBDC Bellingham sbdc.wwu.edu

KingCounty.gov Preparedness for Business

America’s SBDC COVID-19 Small Business Resources americassbdc.org

Washington Retail Association Note: Retailer COVID-19 Retailer Resource Guide, Retail Services ‘Retro‘ can help reduce workers’ compensation and ‘Rise Up‘ offers online training on the fundamentals of retail, now being offered to members at no additional cost.

Coronavirus.wa.gov/ is the state’s central portal for resources and answers regarding Washington’s response to the COVID-19 pandemic.  Note: coronavirus.wa.gov/whats-open-and-closed

IRS.gov/coronavirus

Washington Department of Health doh.wa.gov/emergencies/coronavirus

Rural Development Resources rd.usda.gov

Benefits.gov Coronavirus help center with links to federal unemployment and healthcare resources and more.

Fema.gov/coronavirus see News releases and ‘how to help’ regarding doing business with or donating supplies

Kingcounty.gov/depts/health/communicable-diseases/disease-control/novel-coronavirus

Washington Department of Financial Institutions dfi.wa.gov/coronavirus/financial-resources

Coping skills – cdc.gov/coronavirus/2019-ncov/prepare/managing-stress-anxiety.html

 Consumer warnings and safety tips fcc.gov/covid-scams

USA.gov/coronavirus federal government response to Coronavirus

Alerts

12/8/2020 Fake emails from Sba-attorneys [mailto:info[@]Sba-attorneys.com] are circulating. This is a scam.

Tips & Resources

Government links should always have .gov in the primary url.

Fraud impersonating SBA alerts:  https://www.sba.gov/document/report–sba-programs-scams-fraud-alerts

• Be cautious of webpages claiming to be the U.S. Small Business Administration (SBA). Look for sba.gov (NOT sba.com) in the primary url.
• An SBA logo on an email or webpage does not guarantee the information is accurate or from the SBA.If you are contacted by someone claiming to be from the SBA, suspect fraud.
• There is no cost to apply for a COVID-19 Economic Injury Disaster Loan and SBA will never ask you to provide a credit card.
• Do not release any private information (social security number, date of birth, etc.) or banking information in response to an unsolicited caller, letter, email, or text.
• If you are in the process of applying for an SBA loan and receive email correspondence asking for PII, ensure that the referenced application number is consistent with your application number.
• Check for spelling and grammatical errors in an email and be wary of clicking on any links or attachments.
• Visit the Small Business Cybersecurity site to learn more about small Business Cybersecurity tips, common threats, training, and best practices. https://www.sba.gov/business-guide/manage-your-business/small-business-cybersecurity
• Visit the U.S. Department of Homeland Security’s Cyber Infrastructure site for small business resources. https://w.gov/publication/stopthinkconnect-small-business-resources
• Trust your instincts! If something seems too good to be true, then it probably is too good to be true.

If you have already responded to a phishing email, take ID theft precautions immediately. Visit https://www.identitytheft.gov/ for more information.

In addition, the Cybersecurity and Infrastructure Security Group (CISA) and the Regional Infrastructure Security Group (RISG) are also sharing information to warn the public of potential scams. More information is at https://www.us-cert.gov/ncas/current-activity/2020/03/06/defending-against-covid-19-cyber-scams

Washington State

Washington State Coronavirus scams coronavirus.wa.gov

 Washington State

WA state small business guide chapter on ‘closing your business.wa.gov  The guide gives a comprehensive list of who must be contacted depending on the industry.  

SBA

 Close or Sell Your Business sba.gov includes information on bankruptcy and liquidation.

IRS

Closing Your Business Checklist irs.gov with links to various forms that might need to be completed.

One minute video from the IRS irsvideos.gov with an overview of what must be done.

The page also has information to help business owners who are declaring bankruptcy, selling their business and terminating retirement plans. For easy access, they can reach the page at IRS.gov/closingabiz.

How to close a sole proprietorship: fact sheet and e-poster, (Spanish version)

How to close a partnership: fact sheet and e-poster, (Spanish version)

How to close a corporation: fact sheet and e-poster, (Spanish version)

Non Governmental Resources

QuickBooks Guide How to close a business: A 10-step guide for small business owners quickbooks.intuit.com

6/19/2020 SBA’s Lender Match is an additional resource for pandemic-affected small businesses who have not applied for or received an approved PPP loan to connect with lenders.  This is an online tool for small businesses and non-profits to be matched with Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), Farm Credit System lenders, Microlenders, as well as traditional smaller asset size lenders in the Paycheck Protection Program (PPP).  Read announcement here: SBA.gov newsroom

Washington SBDC Financial tools

Financial Management eLearning

Funding your Business Resource Page

SBA LINC is a tool that connects borrowers with SBA Approved Lenders

Federal

Non-disaster SBA Loans: https://www.sba.gov/partners/lenders/7a-loan-program/types-7a-loans

Washington state

Private*

SBA Microlenders and Community Advantage Lenders

Business Impact Northwest https://businessimpactnw.org/

Craft3 https://www.craft3.org/

SNAP https://www.snapwa.org/services-we-provide/lending-services/

Mercy Corps Northwest https://www.mercycorpsnw.org/business/loans/seattle-2/