SBA Loans and Resources
The Small Business Administration has a webpage exclusively to provide information on Coronavirus (COVID-19) small business guidance and loan resources. Here is guidance to reopening and information on the Washington Ready plan.
Small Business Loans and Grants Available
Paycheck Protection Program (PPP)
- The Paycheck Protection Program ended on May 31, 2021. Existing borrowers may be eligible for PPP loan forgiveness.
- The SBA is now accepting new applications for their Economic Injury Disaster Loans which provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing as a result of the COVID-19 pandemic. Eligible small businesses, private-nonprofits and agricultural businesses may apply for the EIDL here.
- Increasing Your Existing EIDL
- COVID-19 EIDLs can be modified by increasing the amount up to 24 months of economic injury or a maximum of $500,000, whichever is less.
- Steps to request an increase:
- Log into your SBA loan portal account at: https://covid19relief1.sba.gov/
- Click on the button that reads "Request More Funds"
- Disclose any changes to the business since the original EIDL application was submitted
- Identify the form used for your most recent tax return (ex. Form 1040 Schedule C)
- Use the slide bar to select a new (increased) loan amount
- Electronically sign an IRS Form 4506-T, which allows SBA to obtain tax transcripts directly from the IRS
- Submit the request for processing
- Monitor your email for correspondence regarding your request
- Getting Help with Your EIDL Application or Increase Request
- The SBA Disaster Customer Service Center is available to provide assistance seven days a week from 5 a.m. to 5 p.m. PDT by phone at 1-800-659-2955 (TTY/TDD: 1-800-877-8339) or email at email@example.com.
- Additional resources for information:
- Read the Frequently Asked Questions about the EIDL program
- Connect with a SBA resource partner for one-on-one assistance with technical questions related to your relief application(s).
- The SBA is currently providing immediate debt relief to small businesses with standard SBA 7(a), 504, or microloans. Under this provision, SBA will cover all loan payments for existing SBA borrowers, including principal, interest, and fees, for six months. This relief will also be available to new borrowers who take out an SBA loan before September 27, 2020.
- The CARES Act included $275 million in grant funding to Small Business Development Centers (SBDCs), Women’s Business Centers (WBCs), as well as the Minority Business Development Agency’s Business Centers (MBDCs), to provide mentorship, guidance, and expertise to small businesses. To connect with the WA Small Business Development Centers, click here.
A How-to Guide for Small Business Owners: Click here to access a helpful guide for small business owners that provides a detailed breakdown and answers to frequently asked questions about major programs and initiatives that will soon be available from the Small Business Administration (SBA) to address these needs, as well as some additional tax provisions that are outside the scope of SBA.
Other SBA Resources:
- To contact your local Small Business Administration (SBA) District Office, click here.
- Subscribe to SBA for updates for regular e-mail alerts.
Resources for Entrepreneurs and Business Owners from Washington Small Business Development Center (WSBDC):
The Washington SBDC is a publicly funded network of more than 30 business advisors working in communities across the state to assist business owners and entrepreneurs who want to start, grow or buy/sell a business. SBDC advisors provide confidential, one-on-one, no-cost advising to business owners in any industry and at any stage of business development. The statewide network includes 9 advisors in King and Pierce counties serving Washington’s 9th District. Learn more at www.wsbdc.org, or reach out to them by phone at 833-492-7232 or by email at firstname.lastname@example.org.
Tax Credits for Businesses Subject to Paid Leave Requirements
The U.S. Department of the Treasury and the Internal Revenue Service are offering small and mid-size employers more information on refundable tax credits that reimburse them, dollar-for-dollar, for the cost of providing their employees paid sick and family leave wages related to COVID-19.
Click HERE to access the Frequently Asked Questions about the Tax Credit.
Fraudulent Loans, Assistance, and Scams
Beware of Fraudulent Loans/Assistance: Watch out for “assistance” that look suspicious – please subscribe to SBA’s Updates and visit SBA’s official website at www.sba.gov to obtain telephone numbers and emails in regards to SBA programs, and of their partners. Please ensure all official communications regarding the SBA and your businesses is a correspondence with the email address with ‘@sba.gov.’