Your Go-To Resource for Small Business Recovery
Small businesses are the backbone of Washington’s economy and many have been devastated during the pandemic. Many have closed, others are barely hanging on. Small businesses owned by people of color have been particularly impacted. In response, Congress has passed several aid packages and the State of Washington has provided relief, along with many local communities. But resources can be difficult to find, and the applications can be challenging to navigate.
On this website you’ll find answers to frequently asked questions, information on how to find individual technical assistance, how to find a lender, training opportunities and where to find more detailed program information.
Our goal is to help as many Washington small businesses and non-profits as possible access the help they need.
Click here… https://www.smallbizhelpwa.com
Were you a sole proprietor, LLC or independent contractor that was not able to participate in the Paycheck Protection Program because you did not have a significant profit from your business? If so, you might have the opportunity to access up to around $20,000 in PPP grant (forgiveness) money (up to about $30,000 if you run a restaurant). But you may only have days to apply for these funds.
The SBA has just released a new PPP forgiveness formula that uses revenue reported on your 2019 or 2020 Schedule C (line 7) rather than net profit (line 31). In a nutshell, you can now count your revenue as the basis for forgiveness just like employee wages (to a maximum of $100,000/yr). Engage your accountant in the details.
Please review the scenarios in the attached PDF “Revenue-Based PPP Formula” to see how this works in practice.
The new PPP application form and SBA FAQ document is also attached for your review. There are other program requirements of PPP that still apply such as:
- having been in operation on February 15, 2020
- documentation of income using tax statements
- if you use revenue of more than $150,000 as your loan basis you will need to certify to the SBA that “Current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant”.
Businesses that are taxed by the IRS as C-Corporations, S-Corporations and Partnerships are not eligible to use the gross income calculation method for calculation the PPP loan amount. Only businesses that use Schedule C to report their income and expenses to the IRS are eligible.
It appears that these new rules are not retroactive – if you have already received a 2nd round PPP loan you cannot resubmit under these rules. These rules should be available for anyone who has not gotten a PPP loan, or has only gotten a 1st round loan.
If you are interested, you should apply as soon as possible. The special small business-only application period expires next Tuesday (March 9th) and the overall deadline for applications is March 31, 2021. The new stimulus bill going through congress does not significantly increase PPP funding, except for a new program for restaurants.
Since this form was only published on March 3 the banks – where you apply – may not have updated their systems. Applying could be a chaotic experience and you will want to research multiple options. You may want to try and reach a customer service representative on the bank’s PPP program. It is possible that some of the “FinTech” funders like Biz2Credit and Bluevine might be faster off the mark than local banks.
To move forward, download these PDF files…
Steps to Promote Equitable Relief for Mom-and-Pop Businesses
Building on a month of strong results, the Biden-Harris Administration and the U.S. Small Business Administration are taking steps with the Paycheck Protection Program to further promote equitable relief for America’s mom-and-pop businesses.
The latest round of Paycheck Protection Program funding opened one month ago and already the Biden Administration has succeeded in making major improvements to the program’s implementation:
- For businesses with fewer than ten employees, the share of funding is up nearly 60%
- For businesses in rural communities, the share of funding is up nearly 30%
- The share of funding distributed through Community Development Financial Institutions and Minority Depository Institutions is up more than 40%
It’s official! The much-rumored, oft-mentioned COBI small business grants are now coming soon.
Get ready – applications for business assistance grants will become available in association with KEDA (the Kitsap Economic Development Alliance) starting on Friday, March 12.
Businesses may receive between $5,000 and $10,000 based upon their COVID-19 financial impacts and the number of total applications received by the City.
The unanimously-approved Business Recovery grant program will provide $210,000 to support Bainbridge Island businesses recovering from the COVID-19 pandemic. Continue reading
Kitsap County officials have greatly eased the eligibility requirements for the Kitsap CARES Small Business Grant and are now offering up to $10,000 to qualifying businesses based upon eligible COVID-19 impacts. Businesses who were previously funded at a lower amount may be eligible for increased funding from Kitsap County. Must meet eligibility requirements for either program and a reapplication is required.
Eligibility Information as of 9/21/20:
- Up to $10,000 to qualifying businesses
- COVID-19 related PPE retrofits & supplies now eligible for reimbursement.
- Employee cap now up to 50 with no minimum. Owners may be considered employees.
- Receipt of EIDL/EIDG and PPP do NOT disqualify businesses. Double-dipping on reimbursements for the same months is still prohibited.
- Reimbursements may be for rent/lease and/or PPE paid March 1 through October 1, 2020.
- Application Portal opens at 8am September 21st
- Funds will be awarded on a first-come-first served basis to businesses meeting all eligibility and application requirements.
- This final application period is open to ALL small businesses with a physical location in Kitsap County.
Portal opens Monday, Sept. 21st at 8am.
The Kitsap Economic Development Alliance is partnering with Kitsap County, the City of Bremerton, and the City of Port Orchard to distribute federal CARES funding to offer up to $5000 rental relief assistance to local small business owners negatively impacted by COVID-19.
City of Bremerton Phase 2 Application Portal closes @ noon Aug 31
Stay tuned for Kitsap County Phase 4 with expanded eligibility criteria
NEW program – KEDA CARES Grants
(Businesses located in the cities of Poulsbo and Bainbridge Island should check with their local Chamber of Commerce for details on local CARES assistance.)
Criteria and timelines vary according by jurisdiction.
Successful applicants may receive up to $5,000 based upon eligible COVID-19 impacts.
Kitsap Bank’s edg3 FUND is back and better than ever with more prizes and additional benefits!
This small business competition is for entrepreneurs dedicated to growing their community
economically, socially and environmentally. And in 2020, the competition will also recognize small
businesses that have demonstrated innovation and resiliency during the COVID-19 pandemic.
- $25,000 edg3 FUND Grand Prize Winner
- $10,000 Innovation Award
- $5,000 #causegood Community edg3 Award
- $5,000 Public Favorite Award
2020 edg3 FUND Timeline –
- Nomination Period: August 3 – 31
- Application Period: August 15 – September 15
- Finalists Announced: October 1
- Finalist Pitches/Interviews: October 2 – 23
- Public Vote: October 26 – November 6
- Winners Announced: November 20
Please note, this is not a needs-based competition; recipients are selected based upon how well they meet the competition criteria. Must be a for-profit business based in Western Washington. All businesses must comply with federal and state laws. Entities that are tax-exempt organizations, non-profits, or charitable trusts are not eligible to participate. Businesses may self-nominate.
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.