April 14, 2021
April 8, 2021
COVID-19 and travel at SEA Airport
The COVID-19 pandemic has been devastating to small businesses everywhere. Providing clear direction, and access to loans and funding options is crucial in keeping businesses afloat and helping regenerate local economies as we work toward an equitable recovery.
The Port of Seattle’s Diversity in Contracting Department, which works to level the playing field for socially and economically disadvantaged businesses through its policies and programs, held a PortGen webinar in February 2021 in conjunction with the U.S. Small Business Administration, “Informational Pandemic Relief”, to demystify the application process and requirements on the path to small business relief.
Keep reading for five steps to connect to relief to keep your business up and running now and into the recovery.
The federal government offers a variety of funding options to keep your business afloat as we move toward recovery.
The Paycheck Protection Program (PPP) is a forgivable loan that helps businesses keep their workforce employed during COVID-19.
PPP loans can be used to help fund payroll costs, pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operation.
At the end of 2020, the federal government replenished funding for the PPP loans and made changes to the program, including a simplified application for loans under $150,000.
Note: the PPP small business loan program has now been extended until May 31, 2021
There are two kinds of 2021 PPP loans you might qualify for:
Apply for a First Draw PPP loan if you have fewer than 500 employees and never received a PPP loan before.
If you have no more than 300 employees and you already received a PPP loan, you might be eligible for a Second Draw PPP loan.
The good news is you can qualify for PPP loan forgiveness if you meet the terms of the loan during the 8- to 24-week period following loan disbursement. Learn how
Looking for more opportunities? Here are a couple other small business relief options that you might automatically qualify for, no application necessary.
The SBA offers debt relief to existing SBA loan borrowers whose businesses have been impacted by COVID-19. Learn more
This funding provides businesses in low-income communities with additional funds to ensure small business continuity, adaptation, and resiliency.
Once you decide what you to apply for, review loan requirements to see what paperwork and forms to assemble for your application.
Documents will include:
For all First Draw and Second Draw PPP loans, you must work with an SBA-approved PPP lender. Your lender will work with you to submit your PPP loan application to the SBA.
Make sure your lender is the best fit for you. Ask questions to learn about interest rates, minimum credit score, cash flow requirements, and other qualifying factors and loan terms.
Navigating the ins and outs of government loans can be challenging for anyone. To alleviate any confusion and answer specific questions you might have, reach out to experts or take advantage of free counseling offered by the SBA.
Local small business relief experts:
Check these reliable resources for more details on pandemic relief options, details, and requirements:
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