Low-Interest SBA Loans Available for Washington State Small Businesses/Non-Profits Harmed by COVID-19 (and Stabilization Fund Grants for Small Businesses located in the City of Seattle too!)
Economic Injury Disaster Loans (EIDLs) are available through the U.S. Small Business Administration (SBA) for eligible small businesses, private nonprofit organizations, and small agricultural cooperatives located in Washington state that are suffering economic loss due to the COVID-19 pandemic.
These loans are intended to help small business/nonprofit borrowers meet normal and necessary financial obligations that cannot be met as a result of closures, restrictions, and other disruptions caused by COVID-19. The interest rate for EIDLs for small businesses is 3.75% and 2.75% for nonprofits. Repayment schedules for EIDLs are structured on a case-by-case basis depending on a borrower’s ability to pay, but can be designed to have long-term repayment schedules to help keep repayment affordable (e.g., up to 30-years).
If your small business, nonprofit organization, or agricultural cooperative is suffering financial harm due to COVID-19 and is (or will be) struggling to pay necessary operating costs (e.g., payroll, rent, accounts payable, utilities, fixed debts, etc.), consider applying for an EIDL through the SBA. Online applications can be filled out and submitted on this SBA website.
In addition to the above-described SBA loans, the City of Seattle is offering working capital grants from the City’s Small Business Stabilization Fund for qualifying small businesses located in Seattle city limits that have experienced a loss of income due to COVID-19. A total of $1,500,000 is available from the Fund for individual and separate grants up to $10,000 in size. To learn more or apply for one of these grants, visit the City of Seattle’s Office of Economic Development website.
Our law firm (Stokes Lawrence) is dedicated to helping our communities’ small businesses and nonprofits through these challenging times. If your small business or nonprofit could use legal assistance in applying for an EIDL SBA loan, City of Seattle Stabilization Fund grant, or working through either process, please contact one of the below-listed attorneys who may be able assist you on a low or no-cost basis.