SBA Extends Deferment Period for all COVID-19 EIDL and Other Disaster Loans until 2022

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WASHINGTON – The U.S. Small Business Administration announced extended deferment periods for all disaster loans, including the COVID-19 Economic Injury Disaster Loan (EIDL) program, until 2022.

  • All SBA disaster loans made in calendar year 2020, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 24-months from the date of the note.
  • All SBA disaster loans made in calendar year 2021, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 18-months from the date of the note.

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Fact Sheet: Changes to Paycheck Protection Program by Biden-Harris Administration Increase Equitable Access to Relief

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 Early indications show program reforms and efforts to engage with communities authentically are working in meaningful ways.

Two weeks ago, the Biden-Harris Administration made several reforms to the Paycheck Protection Program (PPP) to further ensure small businesses get the help they need, especially Mom-and-Pop businesses in underserved communities.

Putting equity at the center of its policies and programs, the Biden-Harris Administration launched a comprehensive plan to engage small businesses and nonprofits, focusing on building trust in underserved communities.

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American Rescue Plan Act Elevates Small Business Support in Response to COVID-19 Pandemic

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Statement from SBA Senior Advisor Michael Roth

WASHINGTON – Upon President Biden signing the American Rescue Plan Act of 2021 into law, the U.S. Small Business Administration’s Senior Advisor Michael Roth stated:

“The American Rescue Plan Act enables the SBA to continue to lift up the cornerstones of our communities; the mom-and-pop businesses and nonprofits that provide essential services for our everyday lives, hire from within neighborhoods, and more. Our nation’s more than 30 million small businesses are the economic engine of this country and, in alignment with the Biden-Harris Administration’s focus on equitable treatment, the SBA will work tirelessly to ensure eligible borrowers will get access to this critical economic relief.”

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Webinar Series: PPP Updates for Self-Employed and Small Businesses with fewer than 20 employees

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Webinar Series: PPP Updates for Self-Employed and Small Businesses with fewer than 20 employees – Small Business Administration
U.S. Small Business Administration has some key changes to the Paycheck Protection Program (PPP) which will be available for a limited amount of time to ensure America’s smallest businesses get exclusive access. If you are a small business owner with fewer than 20 employees, or are self-employed; there is new information for you. Join SBA for a series of webinars hosted by the U.S. Small Business Administration, Public Private Strategies Institute, & other stakeholders to hear about:

– What steps you can take now to take advantage of this special opportunity, which closes at 5:00 P.M. EST, Tuesday, March 9th, 2021
– Additional changes and recent policy announcements made by Biden-Harris Administration
– Have your questions answered by SBA Leadership

Schedule:

Source: SBA Newsletter

Economic Development Board: Thrive! Grant Launch

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Pierce County businesses are eligible to apply for the $4,275 EDB Thrive! Grant for Expert-Level Consulting Assistance.

The Economic Development Board for Tacoma-Pierce County (EDB) is partnering with the Minority Business Development Agency (MBDA)-Tacoma Business Center and the WA State Department of Commerce to help businesses recover and rebound from the effects of the pandemic. Based on the Edward Lowe Foundation’s highly successful System for Integrated Growth (SiG)℠, Thrive! Program gives businesses access to experts, analytics and best practices that are usually only available to the largest companies.

Armed with this new-found knowledge, businesses will be able to address vexing internal and external issues that have been impeding growth. These issues can be related to sales and marketing, human resources, accounting, finance and operations, supply chain management, international trade, succession planning, customer prospecting and more. Graduates of this type of program typically experience a 15% to 30% increase in revenue. Read more

Boon Boona Coffee Overcomes Rejection to Bring More Than Just Coffee to Seattle

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Situation

Efrem Fesaha started Boon Boona Coffee in 2012 after he took a trip to Asmara, Eritrea that changed the course of his life. Fesaha returned from the East African country with newfound joy, passion, and a desire to share the experience of coffee with Seattle. Fesaha pitched his theoretical business idea to banks, hoping to get the funding he needed to open a café, but he his applications for loans were denied at every bank he visited. Fesaha didn’t let the rejection stop him. When he realized he didn’t have enough capital for his café, he adapted his plan and began selling high-quality, responsibly-sourced green coffee beans from Ethiopia for East African communities in the Seattle area. Although Fesaha has a background in finance, he found himself with more questions than answers when it came to starting and running his business.

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City of Tacoma Resurgence Business Loan – Apply on January 27th, Info Session on January 13th

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In order to help businesses overcome the effects of the pandemic and thrive, the City of Tacoma will deploy $1.1 million received from the Economic Development Administration as low-interest business loans. The City of Tacoma will be awarding 5-year loans up to $25,000 that require no payments (no principal nor interest) for the first 12 months.

Resurgence Business Loan Timeline

January 27, 2021: Loan application opens
February 21, 2021: Loan application closes
March 12, 2021: All applicants are notified regarding a decision on their loan application

Information Session on January 27th:

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ScaleUp: The Rebuild Edition Starting on January 13th

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The next ScaleUp training series is kicking off soon and invite you to participate! Wednesdays, January 13th – March 3rd, 8 AM – 11 AM. See link in description below to sign up.

ScaleUp: The Rebuild Edition. Business is not as usual right now and may not be for a long time. ScaleUp business training is focused on teaching proven strategies to small businesses that will increase resiliency and spur growth in the wake of a global pandemic. This next cohort will launch January 13th and will be a comprehensive offering spanning 8 sessions. 

The three-hour online courses are held weekly, allowing up to 100 businesses around the state to restart and rebuild, improving their strategic thinking and decision-making, creating operational efficiencies and strengthening the bottom line as we engage in economic recovery. Read more

Port of Seattle Prepares for Major Project Openings and Equitable Recovery with 2021 Budget and $3.7 Billion, Five-Year Capital Plan

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Port of Seattle Commissioners have approved the 2021 budget and five-year, $3.7 billion capital improvement plan to support an equitable, rapid, and lasting recovery as we prepare for a transformative 2021.
With plans to spend $3.3 billion over five years on airport improvements, the 2021-2025 capital improvement plan invests in projects to preserve assets, improve customer service, expand economic activity, generate additional Port revenue, and reduce environmental impact. Major projects include the new IAF; the second phase of the North Satellite Modernization Project, Central Terminal Renovation, Main Terminal improvements in ticketing, bag check, and security checkpoint areas; a multi-story expansion with amenities and tenant space on the C concourse; and accelerated installation of noise insulation for residential neighbors.

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December is National Write a Business Plan Month [SBA]

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From U.S. Small Business Administration Newsletter:

The pandemic is impacting small businesses across America. National Write a Business Plan Month is a good reminder to review your business plan and make any necessary adjustments.
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Article: Why December is a Great Time to Review Your Business Plan – Bridget Weston Pollack  

Did you know small businesses impacted by the pandemic may qualify for tax credits and other relief? Find out what options are available.
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Reminder! If you are a small businesses, nonprofit organization of any size, or a U.S. agricultural business with 500 or fewer employees that have suffered substantial economic injury as a result of the Coronavirus (COVID-19) pandemic, you can still apply for the COVID-19 Economic Injury Disaster Loan (EIDL).
Learn more 

Are you looking to set up an e-commerce platform and grow international sales? Join the SBA on Tuesday, December 15 at 11:00 AM PST for a webinar to learn how to apply for up to $10,000 in grant money to help make it happen.
Register today

(253) 591-5835

747 Market Street, Room 808

Tacoma, Washington 98402