While you may be facing uncertainty, there is one thing you can be certain of: SCORE is here for you.
During these difficult times, everyone is talking about survival, uncertainty, and loss—loss of revenue, relationships, and resources. It’s normal and human to feel fear and uncertainty, to wonder about the future of your business.
At SCORE, we get it. And we’re also here to remind you that you are stronger than you think and more powerful than you know. You are a small business owner, the person who dared to ask what if? The leader who had the courage to take that first step to build a business and a future you believe in.
Visit our Small Business Resilience Hub here…
SBA and Treasury Announce New EZ & Revised Full Forgiveness Applications for the Paycheck Protection Program
Today, the U.S. Small Business Administration, in consultation with the Department of the Treasury, posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness applicationimplementing the PPP Flexibility Act of 2020, signed into law by President Trump on June 5, 2020. In addition to revising the full forgiveness application, SBA also published a new EZ version of the forgiveness application that applies to borrowers that:
- Are self-employed and have no employees; OR
- Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR
- Experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of their employees by more than 25%.
The EZ application requires fewer calculations and less documentation for eligible borrowers. Details regarding the applicability of these provisions are available in the instructions to the new EZ application form.
Also see SBA Finally Clarifies PPP Loan Forgiveness Rules: Full Forgiveness For Self-Employed Borrowers
Keep an eye on the Kitsap Economic Development Alliance blog for breaking news about changes in COVID recovery programs.
For the latest COVID-19 information and resources visit coronavirus.wa.gov.
On May 4th, 2020 Governor Inslee signed Proclamation 20-25.3 and outlined the “Safe Start” plan, a phased approach to re-open Washington’s economy. Under the plan, businesses and activities will re-open in phases with adequate social distancing measures & health standards in place. Businesses may also need to meet additional requirements developed specifically for their industry.
SCORE surveyed pre-startups and startups in early April 2020 about how they think how coronavirus could affect their business, and this infographic highlights the findings.
Data from a SCORE survey conducted from April 3-16, 2020. 492 business owners responded with 125 respondents identified as thinking of starting a business or in their first year of business ownership.
- 65% of those surveyed are solopreneurs
- 28% have 2 to 5 employees
- 5% have 6 to 10 employees
- 2% have 11 to 20 employees
- 2% have 21+ employees
The respondents owned businesses in the industries below:
by Ken Sethney, Volunteer Business Mentor, SCORE Kitsap
Every business owner I’ve had a conversation with in the last month or so is struggling to answer that question. It doesn’t matter what they sell, products or services, they are struggling to find answers to very difficult questions. Almost everyone in start-up mode has simply stopped.
So, what should they do? What should you do? My suggestion is to keep moving forward.
One of my SCORE clients owns a well established business with several employees. She and her team provide therapeutic services, but they don’t qualify as “essential.”