FEDERAL STIMULUS: CARES ACT
The federal stimulus package, known as the CARES Act, provides several options for grant and loan assistance for businesses. Many of the programs will be administered by the U.S. Small Business Administration (SBA), which was already overseeing low-interest loans available under the  Economic Injury Disaster Loan Program .

A complete breakdown of the new programs and directions on how to apply can be found at the SBA website , as well as through the  US Chamber of Commerce .

Some aid will be funneled through local SBA-approved lenders. Vancouver businesses are advised to contact their bank, credit union or financial institution to confirm whether they are participating in the programs. *

*Who to contact if you don't know where to start: Try the Vancouver office of the Small Business Development Centers at 360-952-4987 or email  Jerry Petrick at [email protected]*

BELOW: Emergency Assistance Info, Business Resources, Webinar Opportunities, Utility Assistance Info, Tips for Businesses, and Mental Health Services.
EMERGENCY ASSISTANCE


Paycheck Protection Program (PPP)

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.

Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.

Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward. 

Under this program:

  • Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.
  • Loan payments will be deferred for six months.
  • If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.

Economic Injury Disaster Loans and Loan Advance (EIDL)

Small business are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.

The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue.

Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.

SBA Express Bridge Loans

The Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork.

These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan.

If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.

Terms
  • Up to $25,000
  • Fast turnaround
  • Will be repaid in full or in part by proceeds from the EIDL loan

Find an Express Bridge Loan Lender by connecting with your   local SBA District Office .
BUSINESS RESOURCES
WEBINAR OPPORTUNITIES
UTILITY ASSISTANCE
Clark County Public Utilities:
Disconnections have been suspended and no customers are without power or water.