Grant & Loan Resources
Grant & Loan Resources
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.
Apply for COVID-19 Microenterprise assistance grants for up to $5,000 each.
Funds are available on a limited basis, and applicants are not guaranteed assistance. Over $80,000 has been made available for these grants through a Whitman County Community Development Block Grant and Washington State Department of Commerce.
Who qualifies for these grants?
– Small businesses with up to 5 full-time employees (for 5 full-time equivalent)
– Owner and business located in Whitman County
– Financially impacted or closed by COVID-19 and/or Stay Home order
– Business operates from a “brick and mortar” location, not a home business
– Owner’s anticipated household income is within Whitman County LMI Limits in the chart below:
Applications are available from Community Action Center, and the Pullman, Colfax and Palouse Chambers of Commerce, or by email at email@example.com.
This grant funding is available for qualifying microenterprise owners impacted by COVID-10 to stabilize businesses in our Whitman County communities. To request assistance, you must meet the program requirements, submit required documentation, and certify the application form before May 27, 2020, or as directed at the time of inquiry.
Unlike other assistance being offered to businesses, these grant funds are based on COVID-19 impact to your business and to your personal household income.
For your privacy, information collected will remain confidential, used only to meet federal and state record-keeping requirements, and withheld as applicable from disclosure.
The U.S. Travel Association has created a list of resources for 501(c)6 organizations. To view the resource document click here.
Governor Inslee is offering a new Working Washington Small Business Emergency Grant program to assist small businesses impacted by the COVID-19 outbreak. Up to $5 million in funds are provided through the Governor’s Strategic Reserve Fund and administered by the State Department of Commerce. The grant program will provide a limited number of businesses in Washington’s 39 counties with a grant up to $10,000.
Click the link below to view the application process and apply:
“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.”
SBA Amends Disaster Declaration- Assistance Now Available to all WA Small Businesses Economically Impacted by COVID-19
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.
“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.”
“We know that your business may be experiencing disruptions resulting from the global outbreak of COVID-19. We’ve heard that a little financial support can go a long way, so we are offering $100M in cash grants and ad credits to help during this challenging time.”