For Businesses

COVID-19 Resources for Businesses

Resources for businesses during the COVID-19 pandemic.

Economic Injury Disaster Loans

  • For whom: For small businesses suffering substantial economic harm as a result of the coronavirus.
  • Description: Loans that may be used by small businesses to pay fixed debts, payroll, accounts payable and additional bills that can’t be paid because of COVID-19’s impact. The interest rate is 3.75% for small businesses without other available means of credit. The interest rate for non-profits is 2.75%. Businesses with credit available elsewhere are not eligible.
  • Administered by: U.S. Small Business Administration
  • For more info: https://www.sba.gov/funding-programs/disaster-assistance

Families First Coronavirus Response Act

  • For whom: For employers with less than 500 employees.
  • Description: The law requires all private businesses with fewer than 500 employees to provide emergency paid sick or family leave for employees affected by the coronavirus outbreak. The law provides employers with fewer than 500 employees with refundable payroll tax credits to cover the cost of providing the paid sick leave and the paid FMLA leave to their employees.
  • Administered by: The U.S. Dept. of Labor
  • For more info: https://www.dol.gov/agencies/whd/pandemic/ffcra-employee-paid-leave

Paycheck Protection Program

  • For whom: For employers with less than 500 employees.
  • Description: Loans designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees. Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels.  Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. This loan has a maturity of 2 years and an interest rate of .5%. You can apply through any existing SBA 7(a) lender.
  • Administered by: U.S. Small Business Administration
  • For more info: https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp

WA State Employment Security Programs

  • For whom: For businesses trying to keep workers but cannot provide/fund enough hours.
  • Description:
    • SharedWorkThis program allows employers to reduce the hours of permanent and hourly-paid employees by as much as 50%, and the employees can collect partial unemployment benefits to replace a portion of their lost wages. While on the SharedWork program, employees are not required to make an active search for work. You must apply to participate in the program.
    • Partial employment (for reduction in hours): If you are temporarily reducing hours of work for your full-time employees, they may be able to receive unemployment benefits without needing to look for work.
    • Standby: In certain circumstances, your employees may be eligible for standby. Standby means they do not have to look for other work but need to be available for any work you offer that they can do if quarantined or isolated. Generally, standby is only allowed for up to eight weeks during a claim year. The state may grant an extension of standby for more than eight weeks if you make your request in writing and can show extraordinary circumstances. Under the new emergency rules, this applies to temporary shutdowns related to COVID-19 infection that cause you to close or severely reduce operations are considered extraordinary circumstances.
  • Administered by: WA State Employment Security Dept.
  • For more info: https://esd.wa.gov/newsroom/covid-19-employer-information

WA State Dept. of Revenue Business Relief

  • For whom: For businesses impacted by the COVID-19 state of emergency.
  • Description: A broad range of taxes and programs: business and occupation tax, real estate excise tax assessments, leasehold excise tax, forest tax, and tax deferrals. Businesses are still asked to file but can request to defer payments.
  • Monthly filers can request later date.
  • Quarterly filers’ deadline for Q1, 2020, is deferred to June 30.
  • Annual filers’ 2019 return deadline is now due June 15, 2020.
  • Upon request, the Dept. of Revenue will work with taxpayers that are impacted by COVID-19 to adjust payment plan amounts or extend payment dates 30 to 60 days. If payment is extended, additional penalties that would have normally accrued during the extension period will be waived.
  • Administered by: The WA Dept. of Revenue
  • For more info: https://dor.wa.gov/about/business-relief-during-covid-19-pandemic
  • Kitsap County Pathway to Recovery