Nationwide, the SBA Paycheck Protection Program (PPP) issued over 1.6 million loans through April 16, totaling over $342 billion. Washington State businesses received just over 30,400 loans totaling nearly $7 billion. About three-quarters of loans were for $150,000 or less. As shown below, about half of all funding went to four major industries: Construction; Professional Services; Manufacturing; and Health Care. Accommodation and Food Services and Retail were the next highest recipients.
Although the original funding allocated for SBA Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) small business loans has been depleted, a new round of funding may be coming soon. Our most recent reports suggest Congress could authorize another $310 billion in funding as early as the end of this week. Please check back for updates.
A new campaign, “Why I Go Downtown” has been launched by the Olympia Downtown Alliance (ODA) with funding from the City of Olympia. In addition to promoting downtown, the initiative includes a business directory to help people find establishments open for business whether online or via drive-thru storefront https://whyigodowntown.com/supportlocal/. All downtown businesses are eligible to participate and submit information, whether they are ODA members or not. Over 6,000 people have visited the site in the first three weeks of operation. The ODA will soon launch “Promising Notes,” in partnership with Olympia Artspace Alliance and Octapas, to paint murals on boarded storefronts and create short music videos featuring local musicians.
While many people continue to work from home or have secured temporary unemployment benefits, neither option may be available to certain individuals, especially independent contractors. If you or someone you know needs to work, the PacMtn Workforce Development Council has assembled a list of current in-demand jobs accessible at https://pacmtn.org/job-search/.
SBA is unable to accept new applications at this time for the Paycheck Protection Program or the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding.
EIDL applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. To learn more about other relief options available for small business, visit www.sba.gov/coronavirus for new information.
For many businesses, now might be the best time to prepare for the next phase or level of operations. The Thurston Center for Business and Innovation offers a wider variety of business counseling, training, and support. For more information, see the flyer below:
Businesses interested in applying for federal aid may find this video tutorial helpful. It was produced by the Thurston Chamber of Commerce and PacMtn Workforce Development Council: https://www.youtube.com/watch?v=HRe3hVZu27M&feature=youtu.be
Due to the crisis, all regular Intercity Transit routes are suspended. The agency will now operate an on-demand service which requires riders to make an advance reservation. There are no same-day reservations. Reservations must be made by phone or email 2-5 days in advance. The Olympia Transit Center and the Lacey Transit Center will also be closed starting April 13. Please be aware some employees’ ability to get to work may be affected.
Layoffs have hit us hard. If you or someone you know plans to request unemployment benefits, this checklist will help the process go smoother:
The Olympia City Council is offering a limited series of weekly virtual town hall meetings for the public focused on the resources available to members of the community during the coronavirus pandemic.
The first Virtual Town Hall, “Financial Resources for Individuals and Families”, will be convened by the City Council’s Finance Committee on Thursday, April 9 at 5:30 p.m. The moderated panel includes Mike Reid, City of Olympia economic development director; Chris Wells, executive director of the United Way of Thurston County; and Mindy Reule, chief executive officer and president of the Community Foundation of South Puget Sound.
Residents can register to attend the April 9 Virtual Town Hall through this link: https://attendee.gotowebinar.com/register/4111615341977218573