Applications for federal funds for Small Business Administration (SBA) emergency loans now available

On March 6, President Trump signed an $8.3 billion emergency spending bill related to COVID-19. The legislation includes funding for the Small Business Administration (SBA) to provide low-interest federal disaster loans for small businesses dealing with economic loss due to coronavirus. The loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.

The Seattle local government affairs team has been working with the Seattle Office of Economic Development to provide the necessary documentation to make King County eligible for economic injury assistance; once a county is approved, contiguous counties also become eligible.  Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing. For details about the loans, click here. To access a business resiliency toolkit, click here.