ADDITIONAL FINANCING FOR SMALL BUSINESSES AND 

EXPANDED ELIGIBILITY

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 

• COMING SOON:  Working Washington Small Business Grants - Round 4.  The Washington State Legislature and Governor Jay Inslee have approved a new round of small business grants.  A total of $240 million will be awarded to small businesses impacted by COVID-19.  The application portal will open on March 29, 2021, which may be accessed at www.commerce.wa.gov/bizgrants. 
  
  
• NEW:  The American Rescue Plan Act of 2021 (H.R. 1319) Now Enacted.  Congress approved the nearly $1.9 trillion coronavirus relief measure, and President Joseph Biden signed it into law on March 11, 2021.  Additional small business assistance included in the legislation is as follows:
  • A new $28.6 billion grant program for restaurants and bars that have lost revenue because of the pandemic;
  • An additional $7.25 billion for the Paycheck Protection Program (PPP) and an expansion of its eligibility requirements to include more nonprofits and digital media companies;
  • $15 billion for the Economic Injury Disaster Loan (EIDL) Advance Grants Program to provide grants of up to $10,000 per small business in low income communities that have been most affected by the pandemic;
  • $1.25 billion for the Shuttered Venue Operators Grant (SVOG) Program. Eligible applicants can now access the Shuttered Venue Operators Grant and PPP to address SVOG's delayed start;
  • $175 million for the Community Navigator Pilot Program designed to help small businesses in underserved and underbanked communities access the COVID-19 relief resources available to them; and
  • $1.325 billion in administrative funding to the Small Business Administration to ensure the agency has the resources and personnel necessary to implement the programs.
• The process for distribution of funds and selection of awardees is being determined and will be made known when available.
  
  
• NEW AND CONTINUING:  Lenders Accepting First and Second Rounds of SBA Paycheck Protection Program Loans.  Washington State businesses have obtained over $4 billion with approval of 43,904 forgivable loans.  Across the U.S., the average loan size in 2021 is $68,470.  Approximately $126 billion are still available nationwide for the SBA PPP 2021 funding, including the additional $7.25 billion for PPP made available through The American Rescue Plan At of 2021.  
  
  
• The application deadline for all eligible businesses is March 31, 2021. On March 16, 2021, the U.S. House of Representatives approved H.R. 1799 - PPP Extension Act of 2021, which would extend the application deadline to May 31, 2021 and allow the SBA to process loans through June 30, 2021. The bill is now in the U.S. Senate for consideration.
• 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 26, 10:00am – Updates to PPP Loan Forgiveness Instructions
• Shuttered Venue Operators Grants (here)
• A new SVOG Preliminary Application Checklist has been issued which is effective as of March 5, 2021. Access it 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.

Healthy Washington--Roadmap to Recovery 

• NEW:  All of Washington State Will Advance to Phase 3 on March 22, 2021.  Governor Jay Inslee announced that the Healthy Washington:  Roadmap to Recovery will be transitioning from a regional approach to a county-by-county evaluation process.  Effective March 22, 2021, the entire state will enter Phase 3.  More detailed information can be found at https://medium.com/wagovernor/inslee-announces-statewide-move-to-phase-3-of-recovery-plan-return-to-spectator-events-and-tier-2-4a53000f2724. 

2021 Pierce County Business Survey Results

• NEW:   Recently, businesses throughout urban and rural areas of Pierce County were surveyed regarding the assistance they used during the COVID-19 pandemic and the type of support and services they need in 2021.  Over 1,700 businesses participated in the survey.  Approximately 77% of the respondents have 10 or fewer employees while 57% of them have been in operation for 11 or more years.  Survey results indicate that business funding for operations and rent/mortgage or other fixed costs assistance were anticipated to be the most helpful programs/ services to businesses in 2021.  Further details at available at https://www.piercecountywa.gov/7194/2021-Pierce-County-Business-Survey. 

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 consumer goods and advanced manufacturing 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 workshop on 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.

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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