Up to $5 million of in the Governor’s Working Washington Fund will be made available as micro-grants to small businesses across the state to help prevent closure due to COVID-19. Commerce will distribute these funds. Check coronavirus.wa.gov for updates on the funding timeline and follow Commerce on Twitter @WAStateCommerce for an announcement when funds are available.
The Federal Reserve announced it will be expanding investment in a variety of credit backing institutions. The goal is to make it easier for lenders to work with companies, student loan holders and other individuals impacted by COVID-19. The stimulus will be accompanied by guidance encouraging banks to be flexible with customers experiencing financial challenges. For more information: https://www.federalreserve.gov/newsevents/pressreleases/monetary20200323b.htm