Resources for businesses affected by covid-19
Dear Snohomish Business Owner,
On March 27th, the President signed into law the "Coronavirus Aid, Relief, and Economic Security Act" (the CARES Act), the largest economic relief act in our country's history. We're hoping our Snohomish businesses can find relief through new or strengthened existing federal programs as a result of this legislation.
Click here for a helpful guide to relief that is available to different types of businesses or organizations.
Click here for an explanation of the Small Business Administration Coronavirus Economic Injury Disaster Loans. *Grants of up to $10,000 are available within three days, regardless of approval: A cash advance (grant) of the loan, up to $10,000, can be provided to the borrower upon request. SBA is required to provide the grant within three days of receiving the loan application. The grant is provided regardless of whether the borrower is ultimately approved for the loan and does not have to be repaid.
Click here to access the Coronavirus Response Fund that will provide flexible resources to organizations in our region working with communities who are disproportionately impacted by Coronavirus and the economic consequences of this outbreak.
Click here to learn about Small Business Express Loans. These are for small businesses who need a quick one-time loan for a major expense. Example: A restaurant needs to replace a walk-in refrigerator.
Click here for a guide on the Emergency Stabilization Fund.
Click here to learn about Economic Relief for Airports and Tourism, including Community Development Block Grants. Hospitality businesses fall under tourism.
Here is more information on Business Tax Provisions including payroll tax deferral.
Click here for more information. It is expected that the U.S. Treasury, Small Business Association and other agencies will need some time to fully implement these resources and application features, though it is hoped that most will be operational in the next two weeks.
Compiled and written by Wendy Poischbeg, Director of Economic Development for the City of Snohomish