Paycheck Protection Program (PPP) –
· You may have heard in the news, the PPP program expired on August 8. All lenders have closed their application portals. If you are eligible and unable to get a PPP loan, signup for our news updates so you are notified if the program is extended.
· SBA has issued PPP Loan Forgiveness Guidance and Form, which is available at https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program
Economic Injury Diaster Loan (EIDL) –
- For EIDL loan application status – please contact our SBA Office of Disaster Assistance directly at 1-800-659-2955 (TTY: 1-800-877-8339) or email firstname.lastname@example.org.
- The online application is open for all eligibile small businesses and agri-businesses
· SBA is continuing to process and fund applications, received approximately 10 million to date.
· The $20 Billion appropriated for hte EIDL Advance (grant) of $1000 per employee up to $10,000 max has been exhausted. By law, SBA can no longer disburse funds for this program.
· SBA has now approved nearly 4 million EIDL loans. Nearly all of them were approved in just the past couple weeks. You will receive an email from SBA asking you to login. For security reasons, hover your curser over the email address to ensure its really from SBA
SBA 7(a) Business loans – 7a loan proceeds can be used for short-term or long-term working capital and to purchase an existing business, refinance current business debt, or purchase furniture, fixtures and supplies.
SBA 504 loans – A 504 loan may be used to purchase fixed assets such as: land and improvements, including owner-occupied buildings, grading, street improvements, utilities, parking lots and landscaping; construction of new facilities, or to modernize, renovate or convert existing facilities; or to purchase long-term machinery and equipment with a useful life of at least 10 years. Soft costs like architectural and legal fees, environmental studies, appraisals, and interest and fees on the construction and/or interim bank financing can also be rolled into the loan. Financing for other needs such as working capital, inventory, debt consolidation or refinancing are eligible through a separate SBA 7(a) Loan Guaranty Program.
SBA Microloans – The Microloan program provides loans up to $50,000 to help small businesses and certain not-for-profit childcare centers start up and expand. The average microloan is about $13,000.
The U.S. Small Business Administration provides funds to specially designated intermediary lenders, which are nonprofit community-based organizations with experience in lending as well as management and technical assistance. These intermediaries administer the Microloan program for eligible borrowers.
For more information go to: SBA 7(a), 504 and microloans
SBA Seattle District Office phone number:
Our local Washington Small Business Development Center (SBDC) Advisor is Mike Rieckhoff. He can be reached at email@example.com
Business and Industries:
Main Street Lending Program: The MSLP is intended to provide support for small and mid-sized businesses through four-year term loans (the “Main Street Loans”) from eligible lenders to eligible US businesses, which together with their affiliates, have up to 15,000 employees or revenues of up to $5 billion. First Federal and other local community banks are participating in the US Federal Reserve program.
Coastal Communities Loan Fund:
Great loan option for small businesses impacted by Covid-19 if you need accessible, low- interest, deferred loans.
Craft3 Business Resiliency loans:
- Loan size of $15,000 to $50,000
- Interest rate is 5 percent fixed for the life of the loan
- Term is 48 months (4 years)
- Payments are:
- Fully deferred for months 1, 2, 3
- Interest-only for months 4, 5, 6
- Principal & interest on the balance amortized over the remaining 42 months
- are 2 percent
- no other closing costs required
- There is no penalty for early repayment
- Minimum Eligibility:
- In business in Clallam County 2+ years
- Profitable in 2019
- Personal credit score of 640+
- Business negatively impacted by Covid-19
- Learn more:
- Send email to firstname.lastname@example.org with “Clallam BRL” in the subject line.