COVID-19 April 2 Update
Dear SODO Businesses,
The SODO BIA continue to closely track the impacts of COVID-19. As we navigate this difficult time we will continue to share resources, news, and services that you may find helpful. We understand the concern and impacts of the COVID-19 on our SODO community and are here to help and support in any way we can.
We know there are concerns about crime and safety in SODO. We encourage you to reach out with any issues and call 911 if you have been a victim of a crime. We will continue to have a presence in SODO and will conduct daily drive arounds to keep track of the situation here in SODO, and be available by phone and email.
Please do not hesitate to reach out to us. Let us know if you are having any issues with applications or accessing resources, we can help. We are here for any issues you may come across!
If you have any questions, comments, suggestions, or concerns, please contact me at email@example.com
On March 27, the CARES Act was officially signed into law, providing the largest emergency aid package in history. Benefits available to businesses include:
-Loans and loan forgiveness for small travel businesses
-Federally backed financial assistance for impacted businesses
-Tax relief to mitigate losses and spur recovery
-Grants for impacted tourism businesses and airports
Economic Injury and Disaster Loans (EIDLs)
CARES Act temporarily expands eligibility for SBA Economic Injury Disaster Loans (EIDLs).
What they are: An emergency loan program for federal disasters, including COVID-19. This program offers up to $2 million in assistance for fixed debts, payroll, and other account expenses with an interest rate of 3.75 percent for small businesses and 2.75 percent for nonprofits.
How to apply: Use the SBA’s application portal here.
The Paycheck Protection Program
Initial guidelines from the U.S. Treasury
What it is: A new program that provides small businesses with funds in the form of loans to pay up to eight weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
The application form is available here.
OED Providing Assistance to Small Businesses Applying for SBA Disaster Loans
The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to Washington small businesses suffering economic injury as a result of COVID-19. Loan amounts are up to $2 million and long-term repayment terms are available. The interest rate is 3.75 percent for small businesses and 2.75 percent for private nonprofit organizations. More details are available here. OED is providing assistance to businesses applying for these loans, including helping them navigate the application process and assemble the required documents. Businesses interested in these services should complete an intake survey and OED staff will reach out within one business day. If a business needs assistance completing the intake they can call OED directly at (206-684-8090).
Transit Alert: Visit Metro’s Website for Information About Bus Service Reductions and Responses to the COVID-19 Pandemic
Metro continues schedule reductions and provides added measures to support social distancing in an effort to keep riders and employees safe while providing essential services. Transit is operating during the COVID-19 emergency with no payment of fare required. There is no need to tap your ORCA card or to pay at the farebox.
This web page has important information on reduced and canceled bus lines.
If you are riding a Metro bus, they ask that riders board and exit buses via rear doors if possible. Riders who need to, are welcome to use the front door. When using the front door, please observe distancing practices in and around the driver’s and ADA areas.
New Cultural Relief Fund Application for Artists and Organizations
The organization 4Culture has announced a Cultural Relief Fund that will distribute $1 million over the coming months to artists and organizations in King County. The first round of funding will be distributed beginning April 1 through May 15. Apply at any time within that time frame. You’ll apply through a simple application that will take about 15–30 minutes to complete. Applications will be reviewed by a panel weekly and they will notify you within 10 business days about the status of your application. Resources are available in multiple languages.
Learn more and apply here.
Essential Business Inquiries
Governor Inslee designated certain worker categories as “Essential Critical Infrastructure Workers,” excluding them from the March 23 Executive Order directing all residents to stay home.
If you’re a worker or a business representative wanting to know if your business category can be included in this list or you need clarification whether your business is on the list, fill out the form.
Please visit the Essential business page at coronavirus.wa.gov/whats-open-and-closed/essential-business to see if your business category is already addressed before filling out the form.
Fill out this Form
Downtown Seattle Association Webinar on the Federal Stimulus Package
When: Friday April 3, 2020 at 12pm
The economic effects of COVID-19 have been widespread in downtown Seattle, impacting every sector. During these unprecedented times, DSA is committed to helping our members and MID ratepayers understand the impacts to downtown, navigate available resources and advocate for your needs.
At our next DSA Virtual Access event, we’ll host a panel of experts who will break down the recently passed $2 trillion federal stimulus package. They’ll discuss what relief measures are in place for small businesses and nonprofits and offer insights on how to best access these resources.
Our panel includes a DSA Board member leading a local financial institution, a representative of the city’s Office of Economic Development and a member of a global public affairs firm working out of Washington, D.C.
OED Small Business COVID-19 Weekly Webinar
As COVID-19 is a rapidly developing issue, OED will be holding weekly calls to share new developments, hear about the impacts you are experiencing, and answer your questions. Please join every Wednesday, from 11:00 a.m. – 12:00 p.m.
View notes and recordings from previous webinars