NEW! Updated COVID resources are available for PPP, Unemployment (Pandemic Relief Payment), EIDL and other programs.
Paycheck Protection Program – Apply by May 31st
The current round of the Paycheck Protection Program (PPP) is reaching smaller borrowers (small businesses), with 94% of all loans going to businesses with 20 or fewer employees. SBA is currently offering PPP loans until May 31, 2021. North Cascades Bank is partnering with Community Development Financial Institution (CDFI) MoFi to facilitate these loans.
Even if you received a loan in the first round of PPP, you may qualify for a second loan as long as your gross receipts in one quarter of 2020 are 75% or less than the gross receipts in the same quarter of 2019.
If you are considering applying for this second round, get ahead of the game by calculating your quarter by quarter revenues in 2019 and 2020 and determining your eligibility. Check with your lending institution to determine if they will be participating!
PPP Forgiveness Resources
First round of PPP loans are now forgivable! Check with your lending institution to begin forgiveness process.
NEW GRANT OPPORTUNITIES FROM THE SBA
Shuttered Venue Operators Grant
Available from the Small Business Administration, the SBA, this grant is available to eligible entities who have experienced pandemic-related revenue loss including:
- Live venue operators or promoters
- Theatrical producers
- Live performing arts organization operators
- Museum operators
- Motion picture theater operators (including owners)
- Talent representatives
Newly Expanded CARES Act Funding
Washington State’s new Pandemic Relief Payment (PRP) program extends federal unemployment benefits, beginning January 3, 2021. The plan outlines $300 a week in extra unemployment benefits for qualifying individuals and a one-time PRP payment of $550.
- Continuing Pandemic Unemployment Assistance (PUA) Claims Information
- One-time Pandemic Relief Payments Information
- Information on Tax credits/benefits if required to quaratine
The Washington State Employment Security Department (ESD) has seen a significant rise in reports of impostor fraud since the onset of the pandemic. As a result the ESD has taken a number of steps to prevent and investigate alleged fraud including holding payments for an additional 1-2 days to further validate claims.
- Read ESD Commissioner Suzi LeVine’s full statement (05/14/20).
- If you believe you are a victim of impostor fraud report it immediately on ESD’s Unemployment Benefits Fraud page.
The self-employed, independent contractors, and gig workers are now eligible for unemployment. We recommend that you sign up to receive the most timely updates from the ESD.
Here’s how to apply:
- The ESD has published a guide to the expanded benefits available for the self-employed [pdf]. Read this guide and follow the instructions to apply for unemployment. THIS STEP IS REQUIRED BEFORE YOU CAN APPLY FOR THE BENEFITS FOR SELF-EMPLOYED WORKERS.
- Download the Application Checklist for Expanded Pandemic Unemployment Benefits [pdf] to ensure you have all the required documentation available when you are ready to submit your claim.
- Create your Secure Access Washington (SAW) account to submit your claim. Need help setting up your SAW accounts? Watch this video from the ESD.
Employers have a number of a number of options from the ESD for their employees including SharedWork plans, temporary layoffs, standby and furloughs.
WorkSource staff can help with Basic UI, Pandemic Unemployment and General SAW account questions — Monday-Friday, 8 a.m.–5 p.m. Contact the WorkSource Okanogan office directly at (509) 825-7310 or Chat Live with a WorkSource Specialist.
SBA announces new deadline extension for Economic Injury Disaster Loan (EIDL)
Under the Covid-19 relief bill passed by Congress on December 27, 2020, the SBA has extended the EIDL program through December 31, 2021. Business loans are available at 3.75% interest and loans for non-profits at 2.75% interest rates.