CITY OF TACOMA RESURGENCE BUSINESS LOAN

AND OTHER FINANCIAL RESOURCES

The City of Tacoma is highlighting information on important resources, including funding, to assist you and your employees.  Additional resources may be accessed at https://makeittacoma.com. 

Financial Resources 

• CONTINUING: City of Tacoma Resurgence Business Loan.  The City of Tacoma recently launched its Resurgence Business Loan Program with $1.1 million of U.S. Department of Commerce Economic Development Administration funds.  Five-year loans of up to $25,000 with an estimated 2.44% fixed interest rate that will require no principal or interest payments for the first 12 months are available.  Funds may be used for inventory, equipment, furniture, payroll, utilities, commercial rent or mortgage (only brick and mortar businesses), working capital and other business expenses.  
  Businesses must meet all of the criteria below:
  • Brick and mortar or home-based businesses located within the City of Tacoma, and
  • Businesses with no more than 20 full-time equivalent employees, and
  • Businesses that have operated for at least six months in Tacoma (opened during or prior to June 2020).
• Several documents are required to apply for the Resurgence Business Loan.  These include 2019 business taxes filed with the IRS, 2020 Profit and Loss Statement (at least until Q3-2020) and 2020 Balance Sheet (at least until Q3-2020). More information is available here.
• The application closes on February 21, 2021.

• CONTINUING:  2021 Business Loans/Grants ($900 Billion Federal COVID Relief Package).  The new 2021 Business Loans/Grants ($900 Billion Federal COVID Relief Package) are outlined in the matrix here . A total of $325 billion are available to assist small businesses.  Companies will be enabled to apply for a second draw of Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL).  In addition, there are special set-asides for entertainment venues and support for very small businesses in low-income and underserved communities.
  
  
• NEW AND CONTINUING:  Lenders Accepting First and Second Rounds of SBA Paycheck Protection Program Loans. SBA programs are highlighted below:

• Up to a $10 million First Draw Paycheck Protection Program (PPP) Loan, 
• Loan forgiveness for First Draw Paycheck Protection Program Loans up to $150,000, 
• Up to a $2 million Second Draw Paycheck Protection Loan, 
• Economic Injury Disaster Loan (EIDL) Advance for 30-year working capital loans, 
• Debt relief for SBA 7a, 504 (SBA portion) and microloans, 
• Up to a $10 million Shuttered Venue Operators grant, 
• Employee Retention Tax Credit, and
• Additional support, including technical assistance for non-English speakers and underserved communities.
• PowerPoint presentations, guidance, interim rules and other information are available on www.MakeItTacoma.com as follows:
• Applying for the PPP loan and forgiveness (here)
• SBA SAM Registration Guide (here)
• PPP Webinars in February 2021 (here)
• Shuttered Venue Operators Grants (here)
• PPP Guidance on Accessing Capital for Underserved Businesses (here)
• Interim Rule on PPP as Amended by Economic Aid Act (here)
• Interim Final Rule on Second Draw PPP Loans (here)
• There are several other helpful links on www.MakeItTacoma.com from the SBA here (See Federal Resources section).
  
  
• CONTINUING:  National Development Council (NDC) Guidance Regarding Accessing First and Second Draws Paycheck Protection Program Loans.  NDC is a Community Development Financial Institution (CDFI) with whom the City of Tacoma has worked closely with for several decades and has access to the $15 billion set-aside loan pool especially for small businesses most in need that have been traditionally underserved.  It is now processing loans for existing and new clients. Learn more and apply here. The National Development Council has prepared a list of Frequently Asked Questions. Highlights include: 
• The Paycheck Protection Program (PPP) is a fully forgivable loan to help businesses continue to employ their staff during the COVID-19 pandemic.
• If you have already received a PPP loan, you may be eligible for a Second Draw Loan--specifically, if your business saw a 25% reduction in revenues between comparable quarters in 2019 and 2020.
• You must use 60% of PPP funds for payroll, including benefits. The remaining funds can be used for mortgage interest, rent, utilities, COVID-related PPE and other specific costs.
• Access the National Development Council's PPP calculator and guidance here.
  
  
• NEW:  Statewide PPP Lender List.  Research funding, technical assistance providers and lenders here.  

• CONTINUING:  SBA Lender Match.  The SBA Lender Match portal helps businesses find lenders, as not all SBA lenders are participating in the Paycheck Protection Program.  Lender Match is a free online tool that connects small businesses with SBA-approved lenders, even if there is no existing working relationship.  Find further information here.

Healthy Washington--Roadmap to Recovery 

• NEW:  Pierce County Advances to Phase 2.  As part of  Governor Inslee's COVID-19 phased recovery plan, Pierce County has now advanced to Phase 2.  This phase eases some restrictions.  For further information, consult the Roadmap to Recovery here.

Employer/Employee Resources

• CONTINUING: City's 2020/2021 Construction Projects Forecasting The City of Tacoma has created a forecasting schedule for planned construction projects in 2020 and 2021. By reviewing the list of projects, firms can prepare for opportunities to form joint ventures and initiate contact with prime contractors and/or other subcontractors.  Click on the link above for a list of upcoming projects.  Contact our Purchasing Department at (253) 502-8468 for information on our procurement process.

Events & Training

• NEW AND CONTINUING: There are several webinars to participate in regarding Urban Business Support six-hour Business Plan in a Day, SBDC 2021 business planning, financial statements, contracting and other guidance, GSV Startup Bootcamp to bring your ideas to reality, a Business Idea and Pitch Competition and others.  Click here for further information.
  
  
• CONTINUING: Microsoft, LinkedIn and GitHub Skills Training. Microsoft, LinkedIn and GitHub collectively have committed $25 million to offer free skills training for the top 10 jobs in the technology sector.  Become part of the digital economy.  From now through March 2021, access free resources to achieve certification in some of Microsoft’s most marketable skills, coaching and support to build a resume, connections to valuable networks and interview practice.  This training is aimed at high-paying growth positions that do not require a four-year degree.  If you have been impacted by COVID-19 through a layoff or other circumstances, you may be eligible for discounted Microsoft certification for a limited time.  Learn more at aka.ms/MyLearningPath.

Thank you for your efforts to take care of your businesses and employees. Please forward this newsletter to others who may find these resources useful. If you have specific questions or information to share, reach out to us directly by email at MakeItTacoma@cityoftacoma.org or by phone at 253-591-2012.

(253) 591-2012 phone; (253) 591-5232 fax Jeff Robinson, Director Elly Walkowiak, Assistant Director  MakeItTacoma@cityoftacoma.org   Community & Economic Development Department 747 Market St., 9th Floor, Tacoma, WA 98402

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