The 2020 Stabilization Fund Application is open. This grant cycle addresses the need for loss of funds due to COVID-19 for small businesses. To mitigate barriers to capital for Seattle’s most vulnerable businesses, the City of Seattle will commit approximately $1.5 million in one-time Community Development Block Grant (CDBG) funds to the Small Business Stabilization Fund, an emergency fund that provides working capital grants in amounts up to $10,000 to qualifying small businesses.

Criteria

  • The business owner must have a low- or moderate-income (≤80% of the Area Median Income).
  • The business must have five employees or less.
  • The business must have a physical establishment.
  • The business must have experienced a loss of income due to COVID-19.
  • You may qualify for a grant of up to $10,000.

Our outreach targets small businesses with low income owners located in neighborhoods at high risk for displacement.

Grants may be used to cover the day-to-day operating expenses of the business, such as payroll or losses due to destabilizing events.

Application Link: http://www.seattle.gov/office-of-economic-development/small-business/small-business-programs-/stabilization-fund

Please also note, we will be working with over 150 businesses and doing our best to make sure this process runs smooth and as quickly as possible. If qualified you will be asked to submit and sign a list of documents. We ask for your patience. We are also in the processes of translating this survey into multiple languages.   

———————————————————————————————————————-

MORE RESOURCES

You can also stay up to date with the Office of Economic Development’s Small Business COVID-19 response by registering for our weekly webinar/calls here: https://attendee.gotowebinar.com/rt/6719471105046052620

King County Guidance for retail businesses and service operators to protect from the spread of COVID-19: https://www.kingcounty.gov/depts/health/communicable-diseases/disease-control/novel-coronavirus/retail.aspx

SBA To Provide Small Businesses Impacted by Coronavirus (COVID-19) Up to $2 Million in Disaster Assistance Loans: https://www.sba.gov/about-sba/sba-newsroom/press-releases-media-advisories/sba-provide-disaster-assistance-loans-small-businesses-impacted-coronavirus-covid-19

General guidelines on response to COVID19 put forth by the State and King County:

www.kingcounty.gov/COVID  

SBA resources

Business Resiliency Toolkit

https://wsbdc.org/protect-your-business/business-resiliency/

SBA Economic Injury Disaster Loan – see press release below, federal funds have been made available

https://disasterloan.sba.gov/ela/Information/EIDLLoans

City of Seattle resources

https://durkan.seattle.gov/2020/03/following-outreach-to-small-business-owners-mayor-durkan-announces-initial-recovery-package-to-ease-financial-impacts-of-covid-19-outbreak/

These include:

  • Deferral of B&O taxes
  • Expansion of Small Business Stabilization Fund
  • Assistance to access SBA loans (once it becomes available)
  • Relief for Utility Payments
  • New Small Business Recovery Task Force

You can also stay up to date with the Office of Economic Development’s Small Business COVID-19 response by registering for our weekly webinar/calls here:  (https://bottomline.seattle.gov/)

WA State resources

https://www.governor.wa.gov/issues/issues/covid-19-resources/covid-19-resources-businesses-and-workers

Employment Security Department for businesses and workers

https://esd.wa.gov/newsroom/covid-19

Information specifically from King County for retail establishments

https://www.kingcounty.gov/depts/health/communicable-diseases/disease-control/novel-coronavirus/retail.aspx

 

Pin It on Pinterest

Share This