Taking Care of Business...From Home
In accordance with the Governor’s 'Stay Home, Stay Healthy' directive the Tri County Economic Development District (TEDD) offices will be closed until further notice. #TeamTEDD will be working from home, and is standing by to provide assistance to local businesses.
According to TEDD Executive Director, Jeff Koffel, “TEDD is working to assess the massive COVID-19 economic impacts in our region, identify resources, and provide information to our community. We are only at the beginning of this crisis and we should expect and be prepared for the situation to worsen before we see improvement. Our immediate focus to provide what support and relief we can to our regional businesses.”
Round Three: Working Washington Small Business Emergency Grants
Applications open the week of November 30th
Gov. Jay Inslee announced an additional $70 million for business grants. $50 million of this is for Round 3 of the Working Washington Small Business grants. The remainder will go towards funding qualified businesses that applied in earlier rounds of our resiliency grant program.
NOTE: Businesses that applied for the resiliency grant program will not need to take any action.
When the application process opens early next week, a link to the application and additional information will be posted here.
Who can apply for Round 3?
These grants are prioritized for:
- Small businesses with annual revenues of $5 million or less in 2019.
Businesses in the sectors that are most impacted by the recent public health measures as well as businesses in sectors that have experienced significant, cumulative impacts. Examples include full-service restaurants, fitness centers, bowling alleys and music and event venues.
- Certain nonprofits may also be eligible if they have a primary business activity that falls into a similar category as noted above. Example – a nonprofit full-service restaurant or nonprofit music venue.
- If Commerce is able to fund all the eligible applicants from the priority pool, and funds remain, they may be able to provide grants to additional businesses or nonprofits from other sectors or who have annual revenues larger than $5 million.
What does the grant pay for:
- The maximum award grant will be up to $20,000.
- The grant can only cover expenses or costs incurred due to COVID-19 and that were necessary to continue business operations.
How to apply:
- The online application portal will open the week of Nov. 30, and a link to the application will appear here.
- Priority will be given to applications received by Dec. 10, 2020. If Commerce is able to fund all the applicants who submit by that time, they may be able to consider applicants who submit after the 10th.
Here is a checklist of the information you’ll need to have ready:
- Applicant W-9 Request for Taxpayer Identiﬁcation Number
- Copy of valid government-issued photo I.D.
- For tribal-member owned businesses: license or certiﬁcation if business activity is conducted outside the tribal jurisdiction; letter or certiﬁcation from the tribe recognizing you as a business if business activity is within the tribal jurisdiction.
- Copy of 2019 Tax Return or other confirmation of Business Gross Revenues for 2019.
- For businesses with a physical location, evidence of that location, such as lease, tax statement, utility bill, etc.
- NAICS code or clear description of your primary business activity. A NAICS code is helpful, but not necessary. If you have never used a NAICS code, you can learn more here: What is a NAICS Code? and explore NAICS codes to see which one fits your business.
Deferred Loan Payments
The TEDD's Executive Committee signed a resolution effective March 19th, authorizing the Executive Director to offer three months of deferred loan payments to all small businesses currently served by the Rural Opportunities Loan Fund, and allows all late fees and penalties to be waived for all regular payments due April 1, 2020- June 30, 2020.
For more information please contact the TEDD Loan Officer, Carrie Paetsch, at (509) 684-4571 or e-mail firstname.lastname@example.org.
Please take a moment & let your voice be heard!
Regional Small Business Needs Survey
We're creating an online resource with the programs & services <i>you </i>need. Your responses to our survey will help us focus on curating & creating the content you need for a successful recovery. Beyond that horizon, your responses will also show us how to strengthen small businesses in the region and become more resilient to any business disruptions.
The survey should take about 15 minutes to complete.