On Thursday, April 2nd, 2020 OneRedmond hosted the webinar
SBA Loans & Grants Available Under the New CARES Act
. The recording of that webinar is now available for viewing online below.
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Financial Resources Available to Businesses Currently Available:
Paycheck Protection Program (PPP) Lenders Can Begin Processing Loan Applications
Local Lenders Eligible to Issue Loans Under PPP
Economic Injury Disaster Loan Advance
New Unemployment Insurance Benefits Due to COVID-19
IRS Employee Retention Credit
Facebook Grant Program Information Sign Up
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Paycheck Protection Program (PPP) Lenders Can Start Processing Loan Applications as of April 3, 2020
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The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. The program will be available through June 30,2020 and is for any small business with less than 500 employees (including sole proprietorships, independent contractors, and self-employed persons, private non-profits or 501(c)(19) veterans organizations affected by COVID-19.
To learn about the PPP,
click here
to visit the U.S. Small Business Administration's website.
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Local Lenders Eligible to Issue Loans Under PPP
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To find a PPP lender, the SBA recommends
you contact your current bank or lender
to see if they are offering PPP as new banks are coming on board every day.
Also, the SBA has updated a list of lenders, searchable by zip code, that are eligible to issue a loan under the Paycheck Protection Program. However, this list is constantly changing so check with your local banks first.
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Economic Injury Disaster Loan Advance
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This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties that does not have to be repaid. This complements the traditional SBA Economic Injury Disaster Loan (EIDL) program which has been in place for the entire nation, all territories and Washington, D.C. since mid-March.
Please note the application process for the EIDL program was updated March 30.
For those who submitted a COVID-19 EIDL application prior to March 30,
unless you have already been approved or are currently working with a loan officer,
you should
re-apply using the new streamlined application
if you have not done so already
.
The new application is streamlined and faster. Approval notification is estimated at approximately three days.
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New Unemployment Benefits Available to Employers and Independent Contractors, Self-Employed and Gig Workers) Under CARES Act
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Who is eligible for unemployment insurance under the CARES Act but not traditionally eligible for unemployment?
Section 2102 of the CARES Act creates a temporary federal UI program for individuals not otherwise eligible for unemployment insurance payments (e.g., self-employed, independent contractors, gig economy workers), called
Pandemic Unemployment Assistance (PUA)
.
This program will provide payment for weeks of unemployment beginning on or after January 27 and ending on or before December 31, 2020 (for a maximum of 39 weeks). The Department of Labor will provide final guidance on those eligible for these benefits, but this program will provide unemployment insurance payments to others not traditionally eligible for UI such as those who had job offers and who would have started work soon, those with a limited work history that would traditionally make them ineligible for unemployment insurance payments, and others.
The State of Washington's Employment Security Department is also supporting the changes due to COVID-19 including:
- More workers can qualify for more benefits over an extended time
- Government funding will be available to assist employers
- New government assistance is available for businesses at the federal, state, and local levels.
According to the Washington State Employment Security Department Commissioner Suzi LeVine, "The federal CARES Act expands unemployment assistance to those not currently eligible who have been impacted by COVID-19, and provides an additional $600 per week to all unemployment recipients through July 31, 2020. I shared recently that we are working hard to have our systems updated to reflect these changes by mid-April. We will then be able to make retroactive payments for both the weekly benefit amount owed as well as the additional $600 per week."
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IRS Employee Retention Credit
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On March 31, 2020, the Treasury Department and the IRS launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.
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Facebook's Small Business Grants Program - Will Be Available to Businesses in Redmond
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Sign up now to receive information from Facebook about the application process for their Small Business Grants Program if you have:
- Between 2 and 50 employees
- Have been in business for over a year
- Have experienced challenges from COVID-19
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HealthPoint In Search of PPE
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HealthPoint i
s a community-based, community-supported and community-governed network of non-profit health centers dedicated to providing expert, high-quality care to all who need it, regardless of circumstances.
They are in critical need of N95 masks and ASTM Level 3 Masks.If you can help, please contact Kristin Raftis, Associate Director of Corporate Partnerships.
cell: 253.350.0595
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OneRedmond is the City of Redmond, Washington's Economic Development Enterprise, Chamber of Commerce, and Public Foundation all in one. OneRedmond also houses the SBDC, SCORE & the Washington Interactive Network (WIN).
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OneRedmond
8383 158th Ave. NE, Suite 225
Redmond, WA 98052
Phone: 425.885.4014
www.oneredmond.org
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