Small businesses are the heart and soul of our economy and our communities.
As a small business owner myself for more than 50 years, I know that what we are experiencing during this global event is unprecedented. At this time, I wish to focus on how our businesses can emerge as well.
My priority is to help support small businesses as part of the recovery. Presently, there is assistance for small businesses from Pierce County, the State of Washington, and the Federal Government through the Small Business Administration. Below, please find information on each program, including links to make an application.
Pierce County: Emergency Small Business Relief Loan Program was funded by the Pierce County Council, allocating $640,000 to this new program. This loan program enacted by the Pierce County Council is a direct action to keep businesses in operation and protect jobs threatened by the COVID-19 pandemic. This program is available to small businesses in unincorporated Pierce County, has 10 or fewer employees and operational for more than a year with at least 25% reduction in revenues attributed to COVID-19 pandemic. Information and applications are available through the link on the Pierce County Economic Development Department webpage. While not an option for businesses in incorporated communities, please visit your cities or towns to see if they offer a similar program for assistance.
State of Washington: The governor has allocated up to $5 million in funds to create the Working Washington Small Business Emergency Grant program using a portion of the state’s Strategic Reserve Fund. A limited number of grants (up to $10,000) are available to small businesses with up to 10 employees.
Federal Government- Small Business Administration: The recently enacted CARES Act contains $376 billion in relief for American workers and small businesses. It includes SBA Loan and debt relief options known as Paycheck Protection Program. This program provides loans which will be 100% guaranteed by the SBA and the full principal amount of the loans may qualify for loan forgiveness. It will be better to be an early-bird if you are seeking to apply for this assistance.
I’m looking forward to greater days!