COVID-19
Business Loans

Business Loans and Grants

Before you decide which grant or loan to apply for, make sure you are prepared:

Working Washington Small Business Emergency Grant (WWSBEG) Program

The application process for the Working Washington Small Business Emergency Grant program has closed in Benton and Franklin counties. We’re hopeful more rounds will be available should the Washington State Department of Commerce expand funding for the program.
If you are a small business owner, please look below for a list of additional grants and resources.

Small Business Administration (SBA) Loan Programs:

As of Thursday, April 16, the Small Business Administration (SBA) is currently unable to accept new applications for the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) based on available appropriations of funding.  It’s important to note that through work with its partners, the SBA has processed more than 14 years’ worth of loans in less than 14 days. The Paycheck Protection Program is saving millions of jobs and helping America’s small businesses make it through this challenging time. The EIDL program is also providing much-needed relief to sustain businesses and their employees.

For now, the SBA is connecting local businesses to the following resources:

SBA Debt Relief

The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic. This covers all principal, interest and fees on current and new SBA 7(a) loans made through September 27, 2020, for up to six months.

Overview:
As part of SBA’s debt relief efforts,

  • The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months.
  • The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.

Additional Debt Relief:
For current SBA Serviced Disaster (Home and Business) Loans: If your disaster loan was in “regular servicing” status on March 1, 2020, the SBA is providing automatic deferments through December 31, 2020.

What does an “automatic deferral” mean to borrowers?

  • Interest will continue to accrue on the loan.
  • 1201 monthly payment notices will continue to be mailed out which will reflect the loan is deferred and no payment is due.
  • The deferment will NOT cancel any established Preauthorized Debit (PAD) or recurring payments on your loan.  Borrowers that have established a PAD through Pay.Gov or an OnLine Bill Pay Service are responsible for canceling these recurring payments.  Borrowers that had SBA establish a PAD through Pay.gov will have to contact their SBA servicing office to cancel the PAD.
  • Borrowers preferring to continue making regular payments during the deferment period may continue remitting payments during the deferment period. SBA will apply those payments normally as if there was no deferment.
  • After this automatic deferment period, borrowers will be required to resume making regular principal and interest payments.  Borrowers that cancelled recurring payments will need to reestablish the recurring payment.

SBA Express Bridge Loan Program

Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.

Terms:

  • Up to $25,000
  • Fast turnaround
  • Will be repaid in full or in part by proceeds from the EIDL loan
Resources:

Department of Commerce

Department of Commerce has awarded $1.8 million to 17 rural county governments. The Community Development Block Grants can be used for small business support, food and rental assistance, health services and more. Click here for more information.

Coronavirus Aid, Relief, and Economic Security (CARES) Act

Congress recently passed the CARES Act, a more than $2 trillion funding package to combat the ongoing COVID-19 pandemic. The legislation provides financial support for health care providers, small businesses and nonprofits, families, workers, farmers, fishermen, and Tribes. Among other benefits, the legislation includes expanded unemployment insurance for workers, cash payments for individuals and families, and loans, grants, and debt relief for small businesses.