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Disaster Assistance Now Available to all Washington Small Businesses Economically Impacted by COVID-19
The Washington State Department of Commerce wants businesses in our state to know that the U.S. Small Business Administration (SBA) has amended its original disaster declaration to apply to ALL Washington small businesses, regardless of county.
These low-interest loans for working capital are now available to any small businesses suffering economic fallout from the COVID-19 outbreak.
Small businesses, private non-profit organizations of any size, small agricultural cooperatives and small aquaculture enterprises that have been financially impacted as a direct result of the COVID-19 since Jan. 31 may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses, which could have been met had the disaster not occurred.
Loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing.
Eligibility for Economic Injury Disaster Loans is based on the financial impact of the COVID-19. The interest rate is 3.75% for small businesses. The interest rate for private non-profit organizations is 2.75%. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela.
Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email: email@example.com for more information on SBA disaster assistance.
The deadline to apply for an Economic Injury Disaster Loan is Dec. 16, 2020.
For federal information about Coronavirus, please visit:Coronavirus.gov.
For more information about available SBA resources and services, please visit: SBA.gov/coronavirus.
For information for Washiongton state business about our response to COVID-19, visit our web portal at coronavirus.wa.gov.
The Coronavirus situation is changing rapidly, as are the updates to various relief efforts. We will continue to monitor news and keep you updated as clarification is provided. If you have questions, please contact our team. We are here to help!
The TKCPA Team