PROMOTING GREATER FLEXIBILITY AND EQUITABLE FINANCIAL RELIEF TO  MORE SMALL BUSINESSES AND NONPROFITS

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 

• NEW AND CONTINUING:  14-Day Exclusive SBA Paycheck Protection Program (PPP) Application Period for Small Businesses and Nonprofits With Fewer Than 20 Employees  (Exclusive timeframe started at 6:00 a.m. Pacific Time on February 24, 2021 and ends at 2 p.m. Pacific Time on March 9, 2021). The SBA is further promoting equitable financial relief for small businesses and nonprofits with fewer than 20 employees by implementing the following changes:
  • Allowing sole proprietors, independent contractors and self-employed individuals to receive more financial support by revising the PPP funding formula for these applicants,
  • Eliminating an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions,
  • Eliminating federal student loan debt delinquency and default as disqualifiers to participating in the PPP, and
  • Ensuring access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use an Individual Taxpayer Identification Number (ITIN) to apply for the PPP.

Further information may be found here.

As of February 28, 2021, the SBA website:  https://www.sba.gov/sites/default/files/2021-03/PPP_Report_Public_210228-508.pdf  notes that  2,194,420 forgivable PPP loans valued at $156 billion through 5,185 lenders have been approved nationwide in 2021.  The average loan size is $71,205.  Washington State businesses have obtained over $3.8 billion with approval of 40,568 forgivable loans.  Approximately $128 billion are still available nationwide for the SBA PPP 2021 funding.  The application deadline for all eligible businesses is March 31, 2021.

• 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 March 2021:
  
  • March 5, 10:00am – Updates to PPP Loan Forgiveness Instructions
  • March 12, 10:00am – SBA Round 2 COVID-19 relief and PPP Application 
  • March 19, 10:00am – Updates to PPP Loan Forgiveness Instructions
  • March 26, 10:00am – Updates to PPP Loan Forgiveness Instructions
• Shuttered Venue Operators Grants (here)

• An initial grant of up to $10 million with a supplemental one at 50% of the first grant can be made available.
• Eligible applicants include live venue operators (fixed seats, ticket sales, public promotion) or promoters, theatrical producers, live performing arts operators, museum operators, motion picture operators and talent representatives who demonstrate a revenue reduction.
• Businesses are required to obtain a Duns Number and register on SAM.gov at https://sam.gov/SAM/ , which can take 12-15 days for the registration to become active, and submit this information as part of their application.
• Applicants must have been in operation on February 29, 2020 and must not apply for or receive a PPP loan in 2021.  However, they can apply if they received a PPP or an EIDL loan in 2020.
• Email SVOGrant@sba.gov  to ask any program-related questions.
• 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 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.
  
  
• CONTINUING:  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.
  
  
• NEW:  Governor Jay Inslee Signed House Bill 1368 Which Allocates Funding for Small Businesses.  On February 19, 2021, Governor Inslee signed House Bill 1368 which appropriates $2.2 billion in Federal funding that has been allocated to States in response to the ongoing COVID emergency.  This legislation is now effective.  The bill provides $240 million for business assistance grants.  The Washington State Department of Commerce is developing the process to apply.  Further information is available here (see Washington State resources).  

Healthy Washington--Roadmap to Recovery 

• CONTINUING:  Pierce County in 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 UW Digital Transformation Strategies Seminar Series focused on managing telework, supply chain and remote customer service; the National Development Council Cash Reigns Supreme webinar describing how financial statements can be used to make better business decisions, the Tacoma Pierce County Chamber of Commerce on The Progress Process:  A Path to Equity, Inclusion and Anti-Racist Business; Urban Business Support Business Plan in a Day workshops on March 13 and April 4, 2021; 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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