Online sales boomed during the pandemic, and the government took note. A lot of micro businesses have depended on third-party apps like Venmo and Cash App this entire time. This seems like a good solution, but only for the short term. If your side hustle, micro business, hobby selling, or reselling business will make digital transactions totaling $600 or more this year through these apps, it will need to be reported to the IRS. This new rule went into effect beginning January 1, 2022. This means you will need to monitor your income this year to report it in 2023. Read more

See the following news and information compiled by Washington MBDA Business Center related to COVID-19 business resources. You can also follow us on our Facebook page for more updates.

Latest Updates:

COVID-19 EIDL Update – Small Business Administration
As of January 1, 2022, SBA stopped accepting applications for new COVID-19 EIDL loans or advances. As of May 6, 2022, the COVID-19 EIDL funds are exhausted. SBA is no longer accepting COVID-19 EIDL loan increase requests or requests for reconsideration. Approved borrowers that have not signed their loan closing documents must do so by May 16, 2022, or will face delayed disbursement or possible loss of funding. The COVID-19 EIDL portal (covid19relief1.sba.gov, also known as the “RAPID portal”) will close on May 16, 2022. Borrowers should download their loan documents from the portal prior to this date. Learn more.

Visit the Washington MBDA Events Calendar for Informational Webinars and Workshops to help with business recovery.

Read more

See the following news and information compiled by Washington MBDA Business Center related to COVID-19 business resources. You can also follow us on our Facebook page for more updates.

Latest Updates:

Existing COVID Economic Injury Disaster Loan Program Borrowers to Receive an Additional Deferment – SBA
On March 15, 2022, the SBA announced additional deferment of principal and interest payments for existing COVID Economic Injury Disaster Loan (EIDL) program borrowers for a total of 30 months deferment from inception on all approved COVID EIDL loans. Read more.

Visit the Washington MBDA Events Calendar for Informational Webinars and Workshops to help with business recovery.

Read more

This has been a momentous year for the Minority Business Development Agency! Join us in taking a look back on the challenges and achievements of 2021.

2021 Year highlights include:

– Infrastructure Law Making MBDA Permanent
– Coronavirus Response and Relief Supplemental Appropriations Act of 2021 (Coronavirus Relief Act)
– MBDA Business Centers – 35 Centers Funded
– National Minority Enterprise Development Week (MED Week)
– Buy MBE Day
– MBDA Specialty Centers
– and more…

Read full article here.

The Minority Business Development Agency (MBDA) Washington Business Center, in partnership with the Economic Development Board (EDB) for Tacoma-Pierce County, has launched Continued Acceleration, a program ensuring ongoing support of BIPOC-owned small businesses graduating from regional accelerator programs.

The program kicks off with events December 8th & 9th at the Union Club, a local co-working space for small business owners and entrepreneurs in Tacoma, with a BIPOC Business Executive Roundtable and a panel of business service providers. Attendees will build upon their knowledge of business best practices, learn how to respond to a range of business challenges, and receive guidance on how to tap into business resources available to them throughout the region.

Participate in the Survey and Virtual Roundtable Discussion here:  Read more