Federal

PAYCHECK PROTECTION PROGRAM

$321 billion added to paycheck protection program

  • With the Paycheck Protection Program (PPP) and Economic Impact Disaster Loans (EIDL) program out of funds, congressional leaders and the administration announced a deal to replenish the programs and provide additional funding for hospitals and coronavirus testing. The U.S. Senate passed the measure late Tuesday afternoon, and the House passed the measure on Thursday.
    • The $481 billion agreement provides an additional $321 billion for the PPP, $60 billion for the EIDL program, $75 billion for healthcare providers and $25 billion to expand testing capacity (including $11 billion for states to increase testing). 
    • Here is a detailed summary of the bill.
  • U.S. Congresswoman Pramila Jayapal (WA-07) hosted a tele-briefing this week for local businesses owners, answering questions regarding the CARES Act relief package. A transcript of the Q&A session is available online.
  • Several resources within U.S. Travel’s COVID-19 CARES Act Relief and Resources now include additional guidance, including the CARES Act FAQ.

FEDERAL 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.
  • Express Bridge Loan: The SBA’s Express Bridge Loan allows small businesses that have an existing business relationship with a participating lender to access up to $25,000 quickly.
  • Small Business Development Centers: These centers will help you navigate available SBA loans and provide you with no-cost business consulting.
  • Export Credit Insurance: This program protects you in case your customers overseas are slow on paying receivables or go out of business. It allows you to commit to export sales without fear of loss during the pandemic.

 

CARES Act Funding/Relief Opportunities

The CARES Act (H.R. 748) includes significant opportunities for relief for the travRel sector both by expanding existing opportunities and creating new ones.

Highlights of the CARES Act include:

  • $377 billion in loans and loan forgiveness for small travel businesses: The bill provides small travel businesses (500 employees or less), self-employed individuals, and 501(c)(3) nonprofits with enhanced and expedited Small Business Administration (SBA) loans, which will be made available quickly through community banks. Loan recipients can receive tax-free forgiveness on a portion of the loan, equal to eight weeks of payroll and other expenses.

  • $454 billion in federally backed financial assistance for impacted businesses: The bill provides $454 billion through the Treasury Department and Federal Reserve to assist impacted travel businesses and governmental entities through secured loans, loan guarantees and other financial measures. The broad eligibility under this program ensures any impacted organizations can access a liquidity lifeline to keep workers employed and stay afloat through the worst months of this crisis.

  • Tax relief to mitigate losses and allow businesses to use cash to pay employees and keep the lights on: The bill allows affected businesses to temporarily defer tax liability, access an Employee Retention Tax Credit, delay or eliminate estimated quarterly tax payments and filings deadlines, and allow for a carryback of the Net Operating Loss (NOL) Deduction.

  • Grants for impacted tourism businesses and airports: The bill provides $10 billion in airport grants to support vital operations and provides $6.5 billion in Community Development and Economic Development Administration grants for economic injuries caused by COVID-19, including the tourism industry.

(Source: www.USTravel.org)

For eligibility and more information, click here.

Small Business Owner's Guide to the CARES Act, click here.

 

Washington State

RECOVERY PLAN

Gov. Jay Inslee spoke directly to Washingtonians on Tuesday evening to lay out his vision for the eventual safe return to public life amid the COVID-19 outbreak.

STATE RESOURCES

WASHINGTON FESTIVALS & EVENTS ASSOCIATION (WFEA)

EVENTS INDUSTRY IMPACT SURVEY

In an effort to gauge the economic, social, and cultural impact of COVID-19 on the local event industry and community, the WFEA and ASSET groups ask that you complete this survey.

SEATTLE/KING COUNTY BUSINESS RESOURCES

SEATTLE/KING COUNTY PHILANTHROPIC RESOURCES

  • All In Seattle has raised over $30 million in funds focused on supporting the following causes in our region: o Food security, communities and workers, small businesses, housing assistance, families and children.
  • Seattle Foundation’s COVID-19 Response Fund
    • Deployed more than $15 million in Round 1 of grants to support individuals and families impacted by the pandemic, especially those in high-risk populations. Currently developing plans for Round 2.
  • Sounders FC Relief Fund provides financial support to individuals, small businesses and nonprofits located in CenturyLink Field and in the neighborhoods surrounding CenturyLink Field that have been adversely impacted by the postponement of the 2020 MLS season due to COVID-19. These neighborhoods include SODO, Pioneer Square and Chinatown-International District.
  • Amazon created a Neighborhood Small Business Relief Fund to provide cash grants for small businesses with fewer than 50 employees or less than $7 million in annual revenue, and a physical presence within a few blocks of their Regrade, South Lake Union, and Bellevue office buildings.
  • Keep Workers Healthy & Safe Fund 
    • Seattle Metro Chamber has set up a fund to help small businesses (under 200 employees) meet immediate cash-flow needs. Businesses can apply for reimbursement for the costs associated with providing healthcare to employees or protecting their employees from coronavirus.
  • Big Table offers immediate crisis care for hotel and restaurant workers in Seattle through an employee-referral program.
  • Seattle Hospitality Fund and Wellspring Family Services have partnered to provide direct financial support to hospitality industry workers in the Seattle Metro Area.

ARTS & CULTURE RESOURCES

  • King County has compiled a comprehensive Handbook for Creative Industries.
  • The City of Seattle Office of Arts and Culture has a list of resources to assist and support the creative and cultural community.
  • Artist Trust has created a resource list for artists as well as cultural and community organizations, including financial assistance resources.
  • Take the Americans for the Arts' impact survey and visit their website for a list of resources.
  • The National Endowment for the Arts has established a detailed resource list for specific crafts and trades, like theatre and museum employees.
  • Artwork Archive has compiled a list of financial assistance opportunities available for artists affected by COVID-19.
  • A national group of community members has established a long list of resources geared toward freelancers and artists. This includes actors, designers, musicians, composers, craft artists, teaching artists, writers, and others.
  • 4Culture started a Cultural Relief Fund with $1 million to be distributed over the coming months.
  • ArtsFund has started a relief fund enabling non-profit arts organizations to retain the core functions and staff they need to reopen when possible.

RESTAURANT & BAR RESOURCES

  • The Plate Fund is providing financial assistance to restaurant-industry workers in King County.
  • Restaurant Workers’ Community Foundation is providing a COVID-19 Emergency Relief Fund.
  • National Restaurant Association has Coronavirus Information and Resources available.
  • The United States Bartenders Guild is helping bartenders affected by the virus through its emergency assistance program.
  • Yelp is providing $25 million in relief for to independently owned restaurant and nightlife businesses and franchisees in the U.S., Canada, the U.S. Virgin Islands, and Puerto Rico with fewer than five locations.
  • Revel, Musang, Feed the People, That Brown Girl Cooks, Guerilla Pizza Kitchen and Sugar Hill teamed up to create the Seattle Community Kitchen Collective, which is working to provide free meals for hospitality workers in need at various restaurant locations throughout Seattle.
  • Chef Edouardo Jordan and Salare have joined the LEE Initiative and Maker's Mark's Restaurant Workers Relief Program as a Seattle outpost. The restaurant is offering meals and essential items like household supplies, canned goods, personal items and baby food for restaurant industry employees, available for pickup on a nightly basis.

Disaster Assistance for Washington State Businesses from the Small Business Administration (SBA)

Small businesses in 32 Washington counties, six Oregon counties, and three Idaho counties are now eligible to apply for low‑interest SBA Economic Injury Disaster Loans (EIDL) to offset economic losses because of reduced revenues caused by the impact of the Coronavirus (COVID-19) pandemic. This is one of the first SBA disaster declarations in the country related to COVID-19. 

  • The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.

  • Any such Economic Injury Disaster Loan assistance declaration issued by the SBA makes loans available to small businesses and private, non-profit organizations in designated areas of a state or territory to help alleviate economic injury caused by the Coronavirus (COVID-19).

  • SBA’s Office of Disaster Assistance will coordinate with the state’s or territory’s Governor to submit the request for Economic Injury Disaster Loan assistance.

  • Once a declaration is made for designated areas within a state, the information on the application process for Economic Injury Disaster Loan assistance will be made available to all affected communities as well as updated on our website: SBA.gov/disaster.

  • SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance per small business and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

  • These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.

  • SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.

  • SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible.

  • For additional information, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov.

 

City of SeaTac Information for Financial Assistance

 

Other Financial Assistance Resources

  • Digital Undivided: The Doonie Fund provides $100 grants for Black female entrepreneurs
  • GlobalGiving: The Red Backpack Fund provides $5,000 grants for female entrepreneurs - next round opens on May 4
  • Facebook: $100 million fund includes grants and ad credits
  • Salesforce: $10K grants to US small businesses • GoFundMe Small Business Relief Fund: $500 matching grant program
  • US Chamber of Commerce – Save Small Business Fund: $5K Grants to US small businesses
  • LISC and Verizon Small Business Recovery Fund: up to $10K grants to US small businesses

 

  • Governor’s Strategic Reserve Fund: Up to $5 million will be made available as small grants to small businesses across the state to help prevent closure due to COVID-19. The state Department of Commerce will coordinate an application process. 

  • Business Impact NW provides low-interest loans to community-based nonprofits and small businesses with more flexible criteria than traditional financial institutions. Additionally, it has compiled an outstanding set of COVID-19 resources.

  • Craft3 provides low-interest loans to community-based nonprofits and small businesses, with more flexible criteria than traditional financial institutions.

  • The Governor has responded swiftly with expanded benefits programs and a resource list. These include programs such as SharedWork, which provides partial wage replacement to avoid layoffs, and standby, which suspends the job-search requirement for workers to collect unemployment benefits if an employer must make temporary layoffs. You can see a chart of available benefits for various COVID-19 scenarios here.

  • The Washington State Department of Revenue has information on relief for taxpayers including extensions for filing and paying tax returns.

  • Resources for anxiety and mental health in a global climate of uncertainty.

  • Amazon has established a Neighborhood Small Business Relief Fund, which will provide assistance for businesses with a physical presence near Amazon's buildings in South Lake Union or downtown Bellevue. 

  • Facebook has established a Small Business Grants Program to assist businesses in addressing the impacts of COVID-19. These grants will include both cash grants and ad credits.

  • The City of Seattle announced a small business relief package that includes deferred business taxes and a stabilization fund.

  • City of Seattle, Seattle Public Utilities, and Seattle City Light are rolling out initiatives to assist those affected by COVID-19. Together they are:

    • Offering deferred utility payments for customers impacted by COVID-19; 

    • Implementing a temporary moratorium on residential, small business, and nonprofit evictions to provide relief for working people financially impacted by COVID-19;  

    • Creating a new Arts Recovery Package to provide immediate financial relief to artists and cultural organizations that have been impacted by COVID-19;

    • Providing rent relief to tenants of City-owned facilities. 

  • All In Seattle has raised over $30 million in funds focused on supporting the following causes in our region:

    • Food security, communities and workers, small businesses, housing assistance, families and children

    • Seattle Foundation’s COVID-19 Response Fund

      • Currently at $15 million to support individuals and families impacted by the pandemic, especially those in high-risk populations. The list of grantees to date will be made available on Monday, March 30. 

  • Keep Workers Healthy & Safe Fund

    • Seattle Metro Chamber has set up a fund to help small businesses (under 200 employees) meet immediate cash-flow needs. Businesses can apply for reimbursement for the costs associated with providing healthcare to employees or protecting their employees from coronavirus.

  • King County has compiled a comprehensive Handbook for Creative Industries.

  • Artist Trust has created a resource list for artists as well as cultural and community organizations, including financial assistance resources.

  • The National Endowment for the Arts has established a detailed resource list for specific crafts and trades, like theatre and museum employees.

  • Artwork Archive has compiled a list of financial assistance opportunities available for artists affected by COVID-19. 

  • 4Culture has established some new tools and guidelines for its grantees. If your arts or cultural organization receives sustained support from 4Culture, you may be able to invoice early.

  • 4Culture  started a Cultural Relief Fund with $1 million to be distributed over the coming months.

  • The City of Seattle Office of Arts and Culture is supporting two artist relief funds.

  • ArtsFund has started a relief fund enabling arts organizations to retain the core functions and staff they need to reopen when possible.

  • Artist Trust also has a relief fund that provides rapid response grants supporting critical needs of artists.

  • Restaurant Workers’ Community Foundation is providing a COVID-19 Emergency Relief Fund

  • Another Round, Another Rally is distributing $500 grants to those who have lost jobs or hours because of the COVID-19 pandemic.

  • The United States Bartenders Guild is helping bartenders affected by the virus through its emergency assistance program.

 

(Source: Visit Seattle)