Federal Government Updates & Resources
Grant & Loan Resources
If you are a small business owner in need of help due to the impacts of COVID, you can submit your application at: TheBarstoolFund.com/apply
If you are able to help, you can make a tax deductible contribution to support small businesses featured below by clicking “Contribute to the Fund.” You can also support small businesses by purchasing one of the shirts below. 100% of the net proceeds will go towards supporting small businesses. https://www.barstoolsports.com/the-barstool-fund
Looking for more information about the Shuttered Venue Operators Grant Program? On January 28, 2021, the SBA added a new frequently asked questions which includes information about eligibility, application, use of funds and more.
As part of an end-of-year pandemic relief package, Congress has passed several changes to the Paycheck Protection Program (PPP) and created a “Second Draw” PPP for small businesses who have exhausted their initial loan. Other changes impact eligibility for initial PPP loans, the loan forgiveness process, and the tax treatment of PPP loans.
Congress has also made changes to other programs – including Economic Injury Disaster Loans (EIDL Program), the Employee Retention Tax Credit, a Venue Grant program, and SBA loan programs –that will benefit small businesses.
COVID-19 Relief Grants Available to Businesses, Nonprofits, and Residents of Whitman County.
This site contains information about COVID-19 relief funding available from Whitman County for small business owners, nonprofits, and individuals residing in Whitman County.
The LISC Rapid Relief and Resiliency Fund will inject much-needed, flexible resources into historically under-invested communities. These are the places that are suffering most from the economic fallout gripping our nation due to the Covid-19 pandemic. Our aim is to raise up to $100 million in grants, loans and other investments for the Fund.
Below you will find the Palouse Regional Small Business Fund guidelines, application form and agreement with Innovia.
Palouse Regional Small Business Recovery Fund Guidelines
Palouse Regional Small Business Recovery Fund Application (Fillable)
Palouse Regional Small Business Recovery Fund Agreement
To donate to the fund, visit Innovia Foundation’s website: https://innovia.org/give-now/
Under the Paycheck Protection Program (PPP) created by the CARES Act, loans may be forgiven if borrowers use the proceeds to maintain their payrolls and pay other specified expenses.
The Treasury Department and Small Business Administration recently released the application form and instructions for loan forgiveness. The forgiveness forms, instructions, and worksheets can be downloaded here.
PPP borrowers must apply for loan forgiveness with the lender that processed the loan.
This guide is designed to help borrowers understand the process by which their loan forgiveness amount will be calculated and the overall approach of the loan forgiveness process.
The U.S. Travel Association has created a list of resources for 501(c)6 organizations. To view the resource document click here.
“There is a good chance that you, like many small business owners, are wondering how the financial fallout of the coronavirus (COVID-19), will impact your business. For many, it isn’t just a question of lost sales, but uncertainty around how to best protect your livelihood, support your employees and manage ongoing operational costs.
However, there may be a light at the end of the tunnel, as the U.S. Small Business Administration announced on March 12, 2020, that they will be offering low-interest Economic Injury Disaster Loans of up to $2 million to impacted small businesses. The interest rate on these loans will be 3.75% for small businesses and 2.75% for non-profits. Loans can be repaid over a period of up to 30 years. Here’s a quick overview of the SBA Economic Injury Disaster Loan program with details below.”
The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-10). Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.
Click here to view the full handout from SBA regarding disaster assistance.
Here are additional resources regarding the SBA Disaster Loans:
SBA Disaster Loans Three-Step Process
SBA Loan Application
IRS Form 4506T
Personal Financial Statement Form
U.S. Small Business Administration Fact Sheet- Economic Injury Disaster Loans
Loan Programs and Financing Options
About the COVID-19 Community Response Funds
Local philanthropic, government and business partners have joined together to create two COVID-19 Response Funds that will rapidly deploy resources to community-based organizations at the frontlines of the region’s coronavirus outbreak in Eastern Washington and North Idaho. The funds are designed to complement the work of public health, officials, medical providers, businesses and governments to expand regional capacity addressing the outbreak as effectively as possible.
How will the funds be distributed?
Grants will be administered in partnership with a Regional Pandemic Community Advisory Group consisting of funding partners and community representatives. The Advisory Group will proactively identify potential grant recipients, solicit guidance on potential recipients from community advisors, and recommend final awards. In order to move resources quickly and not further burden organizations on the frontlines of the pandemic, we are not hosting a formal application process at this time. Funds will be released on a rolling basis as fundraising continues through the outbreak and recovery phases of the crisis, making it possible to move resources quickly and adapt to evolving needs in subsequent funding phases. The Funds will be distributed beginning within the next few weeks.
Donors can earmark the county in which they want their donations utilized.
Click here to learn more and contribute to the relief fund.
Additional Resource:
About the E WA COVID Fund
Eastern WA COVID-19 Community Response Fund
About the North Idaho COVID Fund
COVID-19 Response Fund Overview 3.12.20
“To support this rapidly escalating need, United Way Worldwide has created the COVID-19 Community Response and Recovery Fund. Our Fund supports communities struggling in the wake of the new virus, by supporting local United Ways and 211, the go-to information resource in times of crisis.”
Click here to learn more about the Community Economic Relief Fund.
WaFd Bank is offering relief to small businesses hit by COVID-19 that offers 90-days interest-free on business lines of credit.