Economic Development Update

August 10, 2021

Updates to PPP Loan Forgiveness

New Updates to PPP Loan Forgiveness
Join Today's Webinar or on August 20


Webinars will cover the new Coronavirus relief bill updates to the Paycheck Protection Program (PPP) loan forgiveness application and related instructions.
Representatives from the SBA and the Washington State Small Business Development Center (SBDC) will provide updates on the new PPP loan and loan forgiveness requirements:

Topics Covered:

  • New Direct to SBA PPP Forgiveness Portal for PPP loans of $150,000 and less
  • PPP Basic Forgiveness Application Information
  • The PPP Loan Forgiveness Application Required Docs
  • Simplified Process for PPP loans under $150,000
  • Effect of the EIDL Advance
  • Retro-active elements of the new legislation
  • What you will need to be most successful in obtaining loan forgiveness
Click to register for today's webinar at 1:00 pm or for August 20 at 10:00 am.

Small Business Administration (SBA) COVID-19 Relief Options

SBA COVID-19 Economic Injury Disaster Loan
Did you know that an EIDL has a lower interest rate than most credit cards? An EIDL helps businesses meet financial obligations and operating expenses that could have been met had the disaster not occurred. The terms are for 30 years at a 3.75% fixed interest rate for businesses and 2.75% fixed interest rate for nonprofits. The deadline to apply is Dec. 31, 2021. 

Increasing Your Existing EIDL
COVID-19 EIDLs can be modified by increasing the amount up to 24 months of economic injury or a maximum of $500,000, whichever is less. The SBA Disaster Customer Service Center is available to provide assistance seven days a week from 5 a.m. to 5 p.m. PDT by phone at 1-800-659-2955 (TTY/TDD: 1-800-877-8339) or email at [email protected]. 


Small Business Flex Fund

Small Business Flex Fund Loan Program

Small businesses and nonprofits can apply for a low-interest loan of up to $150,000 to finance expansion and growth as well as recover from the pandemic and subsequent economic slowdown through the Washington State Department of Commerce Small Business Flex Fund. Interested applicants pre-apply on the Flex Fund’s online portal and, if they qualify, will be matched with a lender. 


Washington Ready

Washington Ready & Reopened

Now that Washington state has reopened under the Washington Ready plan, all industry sectors previously covered by the Roadmap to Recovery or the Safe Start plan (with a few limited exceptions including spectator events) have returned to usual capacity and operations.


This does not include masking, which will continue under current guidance for employers and businesses/organizations based on vaccination. See also: L&I Requirements and Guidance for Preventing COVID-19.


SmartWA

SmartWA Dashboard Designed to Help Businesses Reopen Safely and Increase Customer Visits

To help small business owners identify the safety protocols most likely to be important to customers, the Washington State Department of Commerce has launched a new SmartWA business decision support system and COVID-19 dashboard. The decision support system features an interactive simulator that provide industry-specific predictions about which safety protocols are most likely to increase customer traffic in specific sectors.


COVID-19 Vaccines

COVID-19 Vaccines Help Get Us Back in Business 

Everyone 12 and older is now eligible for a COVID-19 vaccine in Washington. Visit the Washington DOH Vaccine Locator to find location options and information.

Need a ride? People who face transportation barriers can call the state COVID-19 information hotline at 833-VAX-HELP for assistance.


Aviation Manufacturing Jobs Protection Program
Now Open Until September 1: Aviation Manufacturing Jobs Protection Program

The Aviation Manufacturing Jobs Protection Program can provide funding to eligible businesses to pay up to half of their compensation costs for certain categories of employees for up to six months. Click here for more information or to apply.

Recovery Assistance Funds for Small Manufacturers
Now Open: Recovery Assistance Funds for Small and Medium-Sized Manufacturers

Impact Washington is inviting Washington based US small and medium-sized manufacturers (SME's) to apply for CARES Act Recovery Assistance funds. These funds provide services that directly support a manufacturer's ability to recover from the coronavirus. 

Download funding one-sheet or click here to learn more.

Back to Work Resource Guide

Back to Work Pierce County Resource Guide

As Pierce County businesses continue to adapt during the COVID-19 pandemic, we've created a roundup of resources to help your business continue to operate under new guidelines or prepare to re-open. 

View the resource guide here.




SmallBizHelpWA.com

SmallBizHelpWA.com New Online Hub for Small Business Recovery


On the SmallBizHelp.com website you’ll find answers to frequently asked questions regarding recovery resources, information on how to find individual technical assistance, how to find a lender, training opportunities and where to find more detailed program information.
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Pierce County Economic Development

950 Pacific Ave, Suite 525
Tacoma, WA 98402
www.piercecountywa.gov/edd

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