Paycheck Protection Program April 27th

Additional Relief Package of $484 Billion – Approved on Friday

Info provided by the Seattle Office of Economic Development

SBA Loan Application Support_English Small Business Administration

(SBA) Loan Application Checklist_English

Of the additional $484 Billion, $320B will work to replenish the Paycheck Protection Program (PPP) and $60B to replenish the SBA Economic Injury Disaster Loan and Loan Advance program (EIDL).  This Monday 4/27, the SBA will begin taking applications on the PPP and it is expected that the EIDL application will also be available shortly.  Funds will likely not last long.  If you plan to apply – Please review the PPP and EIDL resources below and apply as soon as possible.  This information has been provided by the Seattle Office of Economic Development and they have included a checklist to help you prepare for applying.

Paycheck Protection Program (PPP)

PPP is a forgivable loan that small businesses and non-profits can use to pay employees at staffing levels prior to COVID-19.

More detailed info on the program can be found here

https://home.treasury.gov/system/files/136/PPP–Fact-Sheet.pdf

Through partnership with National Development Council businesses that are POC owned or in high displacement neighbrohooods can begin the application process here

https://ndconline.org/ppp/

 If you already have a PPP application in process, please check in with your lender on the status of your application.  If you are having difficulty getting a response from your lender, you can utilze the NDC online link above.

SBA Economic Injury Disaster Loan and Loan Advance program (EIDL)

EIDL is a loan that impacted small business and non-profits can be use for operating expenses.  Interest rates are 3.75% for businesses and 2.75% for non-profits.  Through this applciation, applicants are eligible for receiving $1,000/employee up to $10,000.  This does not need to be repaid regardless of outcome of the EIDL application.

More detail on the program can be found here

https://www.sba.gov/funding-programs/disaster-assistance

Apply here

https://www.sba.gov/disaster-assistance/coronavirus-covid-19

(note that it will direct to general information until they open the application up again)

If you already have an EIDL application in process you can check the status of your application with the SBA customer service line at 1-800-659-2955 (TTY: 1-800-877-8339) or email  disastercustomerservice@sba.gov. (They are now staffed 24/7, and have added a chat feature.)  

If you need assistance or have any questions on any of these, you can reach out to OED 206-684-8090 or OED@seattle.gov.