Small businesses in Seattle impacted by the COVID-19 pandemic could be eligible for funding through the city's Small Business Stabilization Fund.
According to a city press release, Mayor Jenny A. Durkan built on the city's initial small business recovery package by investing an additional $1 million in the fund, bringing the total new amount available for small businesses impacted by COVID-19 to $2.5 million.
As well, small businesses in Seattle and King County are now eligible to apply for up to $2 million in low interest Small Business Administration (SBA) Economic Injury Disaster Loans to offset economic losses because of reduced revenues caused by the impact of the COVID-19 pandemic. The city's Office of Economic Development will be offering technical assistance and launching resources to help small businesses apply for SBA loans.
To qualify for a grant from the stabilization fund, small businesses must have five employees or less, the owner must be at or below 80 percent of the area median income, the business must have a physical establishment, and the business must be financially impacted by COVID-19. For more information, visit www.seattle.gov/office-of-economic-development/small-business/small-business-programs-/stabilization-fund-.
The Mayor’s Office and OED have also been partnering with the State of Washington to ensure small businesses can access federal SBA loans as quickly as possible. Eligible small businesses can receive loans of up to $2 million to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the impact of COVID-19.
Applicants for the federal SBA may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela.