Small Businesses for the Greater Spokane Region Can Apply for New Grants
Some states like Texas, Florida, Georgia, and California may have opened too fast which has resulted in another round of business closures. Your business may need another round of funding. Congress extended the deadline for the Paycheck Protection Program until August 8, 2020, because over $100 billion was still available for lending to corporations.
Approximately 46% of businesses expect to need additional funding before the end of the year. The Paycheck Protection loan borrowers have spent 56% of their funding. If your business has already received funding, you cannot apply for a second round until there is authorization by Congress.
On the other hand, the EIDL Advance Loan program is now completely out of funding. The program offered $10,000 grants for businesses with less than 500 employees. Businesses could get a $1,000 grant per employee. Gig workers like Uber and Lyft were also eligible for the program.
The EIDL loans, which must be repaid, offered up to $150,000 per business with low-interest rates that were not payable for a year. The program depleted funding on July 11, 2020. According to the SBA, almost 6 million businesses have received grants. Search your state’s funding from the CARES Act for additional grants.
Spokane, Washington Grants
Businesses that are facing financial hardship will soon have access to grants up to $10,000 for Spokane, Washington. The grants are for businesses and nonprofits who are facing financial hardship from the COVID-19 pandemic. The grants are primarily for corporations that have less than 50 employees.
The funding is from the CARES Act — Coronavirus Aid, Relief, and Economic Security Act. The county received $90 million in funds. Since March, Spokane has spent a third of the funds on contact tracing, some business grants, PPE, marketing programs, and food assistance.
Greater Spokane had until the end of June to administer the first third of the funding. Since that time, the Spokane County Commissioners have approved another $10 million for aid to struggling businesses with an additional $100,000 for Spokane to administer by the end of June.
Al French, the county commissioner, said that the additional funding is for a business that slipped through the cracks and was unable to access additional funding. “This isn’t designed to fix Boeing, this is designed for mom and pop businesses,” said French.
The qualifications and guidelines could change for the program. Funding for the program would depend upon the number of applications received, and the streamlining process to get those businesses funded as quickly as possible. Commissioner Josh Kerns and Al French would be opened to expanding funding for small business using the assistance from the CARES Act.
The Washington State Department of Commerce previously ran a similar grant program. The Greater Spokane Incorporated screened more than 1,850 applications for Spokane County, and 61 businesses were selected to receive grants.
The next application portal will become available on July 27. The Greater Spokane Valley Chamber of Commerce has presented a new list of requirements and uses for the next round of grant money, which nonprofits and small businesses must adhere to receive the next round of funding.
According to Cara Coon, the Vice President of Communications and Public Affairs, said that she expects the organization to distribute grants to approved businesses and nonprofits by Labor Day weekend.
Applicants must demonstrate that they experienced losses from COVID-19 and had additional expenditures to meet reopening requirements for the state. In addition to having less than 50 employees, businesses must have been in operation before July 1, 2020, and they also must be established with the Department of Labor & Industries and Washington Secretary of State.
Minority-owned businesses, tribal businesses, and women would receive special consideration according to GSI contractor Cindy Wendle. Corporations must demonstrate a plan on how they plan to address economically disadvantaged communities.
The marijuana industry and corporations facing bankruptcy are ineligible for funding. This also includes businesses that have revenues of more than $10 million for the 2019 tax year.
Sole proprietors and independent contractors can receive $2,500 in grants. Established businesses can apply for $10,000 in grants. The council will give priority to nonprofits that have an operational budget that is less than $50,000 annually.
Special priority will be available for nonprofits that work in public health and for those that address the economic fallout from communities that are experiencing devastation from the COVID-19 outbreak. Organizations for the Arts are also encouraged to apply.
However, educational institutions, charitable trusts, and professional organizations are excluded from the program. Churches are also excluded from the program unless they offer public health services to the general population.
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