ADDITIONAL FINANCING FOR SMALL BUSINESSES 

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 

• OPENS SOON:  U.S. Small Business Administration (SBA) Restaurant Revitalization Fund Applications to Open on May 3, 2021 at 9 a.m. PDT.  This program will provide restaurants, bars and other places of business that serve food and/or drink with non-taxable funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location.  Minimum amount is $1,000.  Recipients are not required to repay the funding as long as funds are utilized for eligible uses no later than March 11, 2023.  The American Rescue Plan allocated a total of $28.6 billion nationwide.  Eligible entities include:

• Restaurants
• Food stands, food trucks and food carts
• Caterers
• Bars, saloons, lounges and taverns
• Snack and non-alcoholic beverage bars
• Bakeries (on-site sales to the public must comprise at least 33% of gross receipts)
• Brewpubs, tasting rooms, taprooms (onsite sales to the public must comprise at least 33% of gross receipts)
• Wineries and distilleries (onsite sales to the public must comprise at least 33% of gross receipts), and
• Licensed facilities or premises of a beverage alcohol producer where the public may test, sample or purchase products.

• Allowable uses of funds are:
• Business payroll costs (including sick leave)
• Payments on any business mortgage obligation
• Business rent payments (excludes prepayment of rent)
• Business debt service (both principal and interest; excludes prepayment of principal and interest)
• Business utility payments
• Business maintenance expenses
• Construction of outdoor seating
• Business supplies (including protective equipment and cleaning materials)
• Business food and beverage expenses (including raw materials)
• Covered supplier costs, and
• Business operating expenses.
• Linked here is a new SBA presentation (as of April 27, 2021) focused on the Restaurant Revitalization Fund. 
• A sample application in various languages is available here.
• Access the Washington Hospitality Association's new RRF toolkit here.
• Tax statements and other information will be required in order to apply.  However, registration with SAM.gov is not required, nor are DUNS or CAGE identifiers.
• Further information is available through this link.
• Sign up to receive email alerts from SBA as additional information becomes available. Click here.
• Register for the SBA application portal on April 30, 2021 at 6 a.m. PDT - click here.

Restaurant Revitalization Fund This program provides emergency assistance for eligible restaurants, bars, and other qualifying businesses impacted by COVID-19. http://www.sba.gov

• CONTINUING:  Shuttered Venue Operators Grant Now Open.  The SBA Shuttered Venue Operators Grant (SVOG) Program is designed to assist 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 due to COVID-19.  To learn more, access the links below. 

• SVOG Portal (Apply here)
• FAQs
• Application Checklist
• Eligibility Requirements Chart

• CONTINUING:  Lenders Accepting First and Second Rounds of SBA Paycheck Protection Program (PPP) Loans.  Washington State businesses have obtained nearly $5.6 billion with approval of 77,114 forgivable loans.  Across the U.S., the average loan size in 2021 is $48,293.  Approximately $43 billion are still available nationwide for the SBA PPP 2021 funding.
  
  
• CONTINUING:  SBA Increased Economic Injury Disaster Loan (EIDL) Amounts for Small Businesses and Non-Profit Organizations.  As of April 6, 2021, the SBA raised the loan limit  for the COVID-19 EIDL Program from six months of economic injury with a maximum loan amount of $150,000 to $500,000 to cover up to 24 months of economic harm. Terms are 30 years with funds lent at 3.75% to for-profits and 2.75% to non-profits.  For further information, click here.    
  
  
• CONTINUING:  PPP Application Deadline Extended for All Eligible Businesses until May 31, 2021. On March 30, 2021, President Biden signed into law H.R. 1799 - the PPP Extension Act of 2021.  This action extends the PPP application deadline to May 31, 2021 or until funds are exhausted and allows the SBA to process loans through June 30, 2021.
• 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)
• Contact the PPP Assistance Line at (833) 562-1078 regarding questions about PPP.
• 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.  It is 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.

• CONTINUING:  Impact Washington Recovery Assistance for Small- and Medium-Sized Manufacturers Now Open Until September 24, 2021.  Federal CARES Act funds are available to small- and medium-sized manufacturers to support their ability to recover from the coronavirus.  Funding is available based on a 50%:50% match up to a $4,000 grant.  There is no formal application process.  It starts with your company's inquiry and a no-cost Recovery Assessment.  The business assessment will help you to:
• Discover insights into where your team is or isn't aligned; 
• Provide operational prioritization of areas to focus your resources; and/or
• Provide a foundation to a Recovery Plan.
• Applicants include manufacturers, producers and value-added processors in sectors such as agriculture, food and beverage, seafood processing, aerospace products and parts, wood and paper products, chemical manufacturing, pharmaceutical and medicine manufacturing, maritime, clean technology and more.
• For further information, contact bdevol@impactwashington.org or click here.
  
  
• NEW:  No-Cost Accountant Services Statewide Now Available to Washington Businesses with 100 Employees or Fewer.  The Seattle Metro Chamber's REACH Program and Business Health Trust are sponsoring accounting consulting services for small businesses to help employers navigate PPP, the Restaurant Revitalization Fund, Shuttered Venue Operators Grant and Employee Retention Tax Credits.  CPA assistance is available to Washington businesses with 100 employees or fewer.  E-mail Leigh (leighj@seattlechamber.com) to get connected with an accountant at Clark Nuber.

Healthy Washington--Roadmap to Recovery  

• NEW:  No Cost COVID-19 Vaccinations Readily Available.  Pierce County is now offering free vaccinations at the Tacoma Dome for six weeks (started April 27, 2021) from 12 noon to 8:00 p.m. each day, except holidays.  Its goal is to vaccinate at least 1,170 people each day to protect against the virus and more fully reopen the economy.  Everyone 16 and older is now eligible for the vaccine.  A parent or guardian must be present with 16- and 17-year olds to obtain the vaccine.   To register, click on FindYourCovidShot.com or call (253) 798-8900 for assistance.  For other location options and information, visit the Washington DOH Vaccine Locator.
• Additional guidance may be found by consulting the Tacoma-Pierce County Health Department at https://www.tpchd.org. 

• CONTINUING:  Pierce County Rolled Back to Phase 2.  Pierce County is now in Phase 2.  The next evaluation will take place on May 3, 2021.  Guidelines may be found here.

Details for specific types of businesses are linked below.

• Restaurants, Taverns, Breweries, Wineries, Distilleries
• Professional Services
• Personal Services
• Bowling
• Museums
• Movie Theaters
• In-Store Retail
• Miscellaneous Venues
• Real Estate

Employer/Employee Resources

• CONTINUING: City's 2021 Construction Projects Forecasting The City of Tacoma has created a forecasting schedule for planned construction projects in 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

UPCOMING SMALL BUSINESS DEVELOPMENT CENTER WEBINARS

• Restaurant Revitalization Fund Information Sessions:  Register at live webinars

Restaurant Revitalization Fund Information Sessions Join the SBA’s Seattle district office to learn about the Restaurant Revitalization Fund. Register here

• April 30:  9:00 - 10:00 a.m. and 2:00 - 3:00 p.m. Register here.
• May 5:  9:00 - 10:30 a.m., https://wsbdc.ecenterdirect.com/events/99271572 

Updates to PPP Loan Forgiveness Instructions:

• April 30:  10:00 a.m. - 12:00 p.m., https://wsbdc.ecenterdirect.com/events/99271489 
• May 14:  10:00 a.m. - 12:00 p.m., https://wsbdc.ecenterdirect.com/events/99271546 
• May 28:  10:00 a.m. - 12:00 p.m., https://wsbdc.ecenterdirect.com/events/99271547 

OTHER WEBINARS:  There are several webinars and programs to participate in, such as: 

• Economic Development Board for Tacoma-Pierce County Marketing for Success E-Commerce Presentation on May 4, 2021 at 9:00 a.m. PDT; 
• Tacoma Business Empowerment Series; ScaleUp Free Online Business Training; 
• UW Digital Transformation Strategies Seminar Series focused on remote customer service on April 28, 2021 and on turning strategies into practice on May 12, 2021; 
• National Development Council Cash Reigns Supreme webinar describing how financial statements can be used to make better business decisions; 
• Tacoma-Pierce County Chamber of Commerce presentations on The Progress Process:  A Path to Equity, Inclusion and Anti-Racist Business through September 30, 2021; 
• Click here for further information at MakeItTacoma.com and to learn about other events and training.

DOWNTOWN FARMERS' MARKET REOPENS FOR THE SEASON.  On May 6, 2021, the Broadway Farmers Market located between on Broadway between S. 9th and S. 11th Streets opens from 10 a.m. - 3 p.m.  Join them for their 31st season!

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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