While we’re doing our best to keep up to changes (and expansions) in unemployment benefits, things continue to evolve every day. To keep fresh, consider subscribing to the Employment Security Department’s updates roster: https://public.govdelivery.com/accounts/WAESD/signup/15249.
Recent updates regarding temporary business shut downs, standby and partial employment options is available here: https://esd.wa.gov/newsroom/covid-19-employer-information?utm_medium=email&utm_source=govdelivery#Temp_shutdowns.
If you or someone you know is concerned about mortgage payments or even the potential for foreclosures, the Washington State Department of Financial Institutions has developed several resources that can help and has also issued guidelines for lending institutions during this pandemic. For more information: https://dfi.wa.gov/homeownership?utm_medium=email&utm_source=govdelivery
The Thurston Economic Development Council is processing an average of 40 calls per days from impacted businesses. The average call length is currently 30-minutes. Whether you have business questions about operating in challenging circumstances or accessing resources to get through the next several months, the Hotline is your first stop:
HOTLINE HOURS: MONDAY-FRIDAY, 9:30 AM-3:30 PM
The Washington Tourism Alliance has set up this new platform for support small business: showWAlove.com.
Businesses with fewer than 500 employees are eligible for an SBA loan, as are self-employed individuals, independent contractors, and sole proprietors. These loans, which are eligible for forgiveness, will be made by banks, credit unions and other lenders. Local businesses can learn more by visiting the SBA website at https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources.
Here’s a shortcut to SBA loan/grant application: https://covid19relief.sba.gov/#/
If you are a business considering one of these options, review this particularly helpful fact sheet to find out whether you qualify and understand how funds can be used: Small Business Fact Sheet.
*Please note, the forgivable loans offered through the Paycheck Protection Program are offered for up to $10 Million for qualifying businesses who maintain certain levels of employment.
We will continue to monitor options for non-traditional workers as new information becomes available. In the meantime, CNBC has offered some initial suggestions: https://www.cnbc.com/2020/03/17/freelancers-should-do-this-now-to-protect-against-crises-like-covid-19.html
The CARES Act provides $2 Trillion in COVID-19 relief funding, including $377 Billion for struggling small businesses. NPR has summarized impacts as follows: