Financial Assistance


(page updated 8/17/2020)

SBA Loans

SBA Loans

Our nation’s small businesses are facing an unprecedented economic disruption due to the Coronavirus (COVID-19) outbreak. On Friday, March 27, 2020, the President signed into law the CARES Act, which contains $376 billion in relief for American workers and small businesses.

In addition to traditional SBA funding programs, the CARES Act established several new temporary programs to address the COVID-19 outbreak.

Paycheck Protection Program
This loan program provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program.

EIDL – Economic Injury Disaster Loan
This loan will provide economic relief to small businesses and non-profit organizations that are currently experiencing a temporary loss of revenue.

SBA Express Bridge Loans
Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.

SBA Debt Relief
The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic.

For more information visit:

Economic Injury Disaster Loan (EIDL): SBA direct loan


The good news is that the SBA is still processing loan applications for EIDL loans. These are available for small businesses, independent contractors, gig workers, nonprofits, and agricultural businesses. But the available funds may run out soon, so it’s best to apply as soon as possible. APPLY NOW


In general, all of the following entities that have suffered substantial economic injury caused by a disaster provided they were in existence on January 31, 2020:

  • Businesses with 500 or fewer employees
  • Cooperatives, ESOPs, and tribal small businesses with fewer than 500 employees
  • Sole proprietors
  • Independent contractors
  • Most private nonprofits


  • The maximum EIDL is a $2 million working capital loan at a rate of 3.75% for businesses and 2.75% for non-profits with up to a 30-year term.
  • Payments on Coronavirus EIDL loans are deferred for one year*
  • Approval can be based on a credit score and no first-year tax returns are required
  • Borrowers do not have to prove they could not get credit elsewhere
  • No collateral is required for loans of $25,000 or less. For loans of more than $25,000, general security interest in business assets will be used for collateral instead of real estate
  • The borrowers must allow the SBA to review its tax records
  • NOTE: EIDLs are now capped at $150,000.


  • As of July 11, SBA is no longer offering $1,000 per employee up to $10,000 emergency grants.
  • NOTE: The Paycheck Protection Program (PPP) created by the CARES Act prohibits borrowers from taking out two loans for the same purpose. For more information on PPP loans, visit
  • APPLY through the SBA
    Apply online at

The SBA administers the EIDL program. Please contact the SBA with specific questions.

  • NOTE: The Paycheck Protection Program (PPP) created by the CARES Act prohibits borrowers from taking out two loans for the same purpose. For more information on PPP loans, visit


Paycheck Protection Program (PPP):


PPP Loan – Frequently Asked Questions (provided by SBA on June 25, 2020)

PPP Loan – Check List 

PPP Loan – Calcuation Assistance

PPP Loan – Application

What you need to know about PPP Loans (Presented by the U.S. Chamber)

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating.


You are eligible to apply for a PPP loan if you are:

  • A small business with 500 or fewer employees
    Defined as “small” by SBA Size Standard that allows for higher employee threshold or is revenue based; or A small business with maximum tangible net worth up to $15 million and the average net income for full 2 fiscal years prior to application does not exceed $5 million
  • A 501(c)(3) with 500 or fewer employees
  • A sole proprietor, independent contractor, or self-employed
  • A Tribal business concern that meets the SBA size standard
  • A 501(c)(19) Veterans Organization that meets the SBA size standard
  • If you are in the accommodation and food services sector (NAICS 72), the 500-employee rule is applied on a per physical location basis
  • If you are operating as a franchise or receive financial assistance from an approved Small Business Investment Company the normal affiliation rules do not apply
  • Small businesses that have minority shareholders (private equity or venture capital) can still qualify if those stakeholders relinquish rights

What are Lenders looking for?

  • Borrowers will need to complete the Treasury Department’s PPP Loan Application (PDF) and payroll documentation.
  • Lenders will also ask you for a good faith certification that:
    • The uncertainty of current economic conditions makes the loan request necessary to support ongoing operations
    • The borrower will use the loan proceeds to retain workers and maintain payroll or make mortgage, lease, and utility payments
    • Borrower does not have an application pending for a loan duplicative of the purpose and amounts applied for here
    • From February 15, 2020 to December 31, 2020, the borrower has not received a loan duplicative of the purpose and amounts applied for here (Note: There is an opportunity to fold SBA Disaster Loans into a PPP loan)
    • If you are an independent contractor, sole proprietor, or self-employed individual, lenders will also be looking for certain documents (final requirements will be announced by the government) such as payroll tax filings, Forms 1099-MISC, and income and expenses from the sole proprietorship.

What lenders will NOT look for

  • That the borrower sought and was unable to obtain credit elsewhere.
  • A personal guarantee is not required for the loan.
  • No collateral is required for the loan.

How much can I borrow and loan terms?

  • Loans can be up to 2.5 x the borrower’s average monthly payroll costs, not to exceed $10 million.
  • Payments deferred for six months
  • 1.00% fixed interest rate
  • Loan is due in two years if issued before June 5th.
  • Loan is due in five years if issued after June 5th.
  • How do I calculate my average monthly payroll costs?
    • small business payroll costs calculation

INCLUDED Payroll Costs
(Sum of Included Payroll Costs – Sum of Excluded Payroll Costs = Payroll Costs)

  • For Employers: The sum of payments of any compensation with respect to employees that is a:
    salary, wage, commission, or similar compensation; payment of cash tip or equivalent;
    payment for vacation, parental, family, medical, or sick leave allowance for dismissal or separation
    payment for group health care and retirement benefits payment of state or local tax assessed on the compensation of the employee
  • For Sole Proprietors, Independent Contractors, and Self-Employed Individuals: The net income not more than $100,000 in one year.

EXCLUDED Payroll Costs

  • Compensation of an individual employee in excess of an annual salary of $100,000 (Note: employer contributions to healthcare and retirement benefits are not part of amount deemed in excess of $100,000 annual salary)
  • Employer portion of payroll taxes
  • Any compensation of an employee whose principal place of residence is outside of the United States
  • Qualified sick leave wages for which a credit is allowed under section 7001 of the Families First Coronavirus Response Act (Public Law 116– 5 127); or qualified family leave wages for which a credit is allowed under section 7003 of the Families First Coronavirus Response ActNON SEASONAL EMPLOYERS:
    • Maximum loan = 2.5 x Average total monthly payroll costs incurred during 2019 or one year prior to the loan date
    • For businesses not operational in 2019:
      2.5 x Average total monthly payroll costs incurred for January and February 2020


    • Maximum loan = 2.5 x Average monthly payroll for an 8-week period between February 15 or March 1, 2019 and June 30, 2019
    • Payments deferred for six months
      1.00% fixed interest rate
      Loan is due in two years if issued prior to June 5th
      Loan is due in five years if issued after June 5th.


US Treasury Memo: With $349 Billion in Emergency Small Business Capital Cleared, Treasury and SBA Begin Unprecedented Public-Private Mobilization Effort to Distribute Funds

Small Business Owenrs Guide to CARES ACT

PPP Loan Forgiveness Documentation (What You Need)


PPP Loan Forgiveness

The process to calculate the amount of loan forgiveness requires three steps:

  • Determine the maximum amount of possible loan forgiveness based on the borrower’s expenditures during the 24 weeks after the loan is made;
  • Determine the amount, if any, by which the maximum loan forgiveness will be reduced because of reduced employment or reduced salaries and wages; and
  • Apply the 60% rule that requires that at least 60% of eligible loan forgiveness expenses go towards payroll costs.


Expenses Qualifying for Loan Forgiveness:The following expenses incurred or paid by the borrower during the 24 weeks following loan origination (see below for determining the 24-week period) are eligible for forgiveness:

Payroll Expenses, defined as:Compensation (not exceeding $46,154 per employee) in the form of: gross salary, gross wages, gross commissions, and gross tips,vacation, parental, family, medical, or sick leave (other than leave for which the employer was reimbursed under the Families First Coronavirus Response Act), and allowance for separation or dismissal;

  • Employer contribution for employee group health care coverage;
  • Employer contribution for employee retirement plans; and
  • Payment of state and local taxes assessed on compensation of employees.
  • Note: For an independent contractor or sole proprietor, payroll costs only include wages, commissions, income, or net earnings from self-employment, or similar compensation.

Non-Payroll Expenses, defined as:

  • Mortgage interest payments for the business on real or personal property (debt incurred before February 15, 2020);
  • Rentor lease payments for the business on real or personal property (lease in force before February 15, 2020); and
  • Utility payments for the business for electricity, gas, water, transportation, telephone, or internet access (service began before February 15, 2020).
  • Note: For an independent contractor or sole proprietor, you must have claimed or be entitled to claim a deduction for these expenses on your 2019 Form 1040 Schedule C in order to claim them as expenses eligible for PPP loan forgiveness in 2020.

 Identifying Your 24-Week Period:

The 24-week period during which expenses must be incurred or paid:

  • The 24 weeks (168 days) beginning on the day the PPP loan was disbursed or
    For borrowers with a biweekly (or more frequent) payroll schedule, the 24 weeks (168 days) beginning on the first day of the first pay period following the PPP loan disbursement.
    Tip: If you are using an online date calculator, remember to count the date of the disbursement of the loan as part of the 168 days. For example, if the loan was disbursed on April 20, the last day of the 56 days would be October 4).

Determine the amount, if any, by which the maximum loan forgiveness will be reduced

  • Determine loan forgiveness reduction based on a reduction in salaries or wages of more than 25%:
  • For employees who earned $100,000 or less in 2019 (or were not employed by the borrower in 2019), the borrower’s loan forgiveness will be reduced for each employee whose average pay (salary or hourly wage) during the 24-week period is less than 75% of their average pay from the full quarter prior to the 24-week period (for most borrowers: January 1 to March 31, 2020). The amount of the reduction in loan forgiveness is based on the amount of the reduction in pay.
  • Safe Harbor: Borrowers can avoid having their loan forgiveness amount reduced if they restore an employee’s pay. Specifically, if by not later than December 31, 2020, the employee’s annual salary or hourly wage is equal to or greater than their annual salary or hourly wage on February 15, 2020, the borrower’s loan forgiveness is not reduced.

Determine loan forgiveness reduction based on a reduction in the average number of employees.

  • The borrower’s loan forgiveness will be reduced if the average number of weekly full-time equivalent employees (FTEs) during the 24-week period is less than the average number of FTEs during the borrower’s chosen reference period. Borrowers can choose between the following reference periods:
    • February 15 to June 30, 2019,
    • January 1 to February 29, 2020, or
    • In the case of a seasonal employer a consecutive 12-week period between May 1 and September 15, 2019
    • Exceptions: Borrowers will not be penalized for any FTE reductions if either of the following occurred:
  • The borrower is unable to rehire individuals who were employees on February 15, 2020 and unable to hire similarly qualified employees for unfiled positions before December 31, 2020
    The borrower is able to document the inability to return to their February 15, 2020 level of business activity due to compliance with social distancing or other customer safety requirements
    Safe Harbor: There is no reduction in the forgivable loan amount for borrowers who reduced their FTEs during the period beginning on February 15 and ending on April 26, 2020, but who by no later than December 31, 2020 restored the FTEs to the level that existed on February 15.

Apply the 60% Rule

A borrower’s maximum loan amount could also be reduced if the borrower’s eligible non- payroll expenses exceed 40% of the total eligible expenses. The maximum eligible loan forgiveness is payroll expenses divided by 0.60.

Example: If your payroll expenses for the 24-week period equal $60,000, your loan forgiveness cannot exceed $100,000. Any more than $100,000 would mean your non-payroll expenses represent more than 40 percent of the total forgiveness amount.

Borrowers’ loan forgiveness will equal the smallest of the following:

  • Your PPP loan amount
  • The maximum loan forgiveness amount from Step 1 less any reductions from Step 2
  • The maximum loan forgiveness amount where eligible payroll expenses equals or exceeds 60% of the total forgiveness (i.e. your eligible payroll expenses ÷ 0.60)

What happens to loan amounts NOT FORGIVEN?

  • For any loan amounts not forgiven, the original loan terms – two-year maximum loan at 1% interest rate with payments deferred until the date on which the amount of forgiveness is remitted to the lender —will apply. (For loans made after June 4, 2020 the loan term is five years.)
  • There are no prepayment penalties or fees.

What are the record keeping REQUIREMENTS?

  • Borrowers will be required to submit certain documentation with their loan forgiveness application:
  • Payroll Documents:
  • Bank account statement or third-party payroll service provider reports documenting cash compensation paid to employees,
  • Tax forms or equivalent third-party payroll service provider reports for periods overlapping with the 24-week period for: (1) payroll tax filings (typically Form 941), and (2) state quarterly wage reporting and unemployment insurance tax filings, and
  • Payment receipts, cancelled checks, or account statements documenting payment of employer contributions to employee health insurance and retirement plan.
    Full-Time Employees (FTEs):

    • Documentation showing the number of FTEs for the reference period from Step 2. Documents may include payroll tax filings (typically Form 941) and state quarterly wage reporting and unemployment insurance tax filings.

Nonpayroll Expenses:

Business mortgage interest payments: amortization schedule and cancelled checks or lender account statements from February 2020 and covering the 24-week period.
Business rent and lease payments: Copy of current lease and receipts or cancelled checks or lessor account statements from February 2020 and covering the 24-week period.
Business utility payments: Copy of invoices from February 2020 and the 24-week period and receipts, cancelled checks, or account statements

Borrowers that received a loan before June 5, 2020 may elect to use the original week period after origination for purposes of determining forgiveness.

PPP borrowers may now also delay payment of the employer portion of payroll taxes through the end of the year.




List of Lenders to Help Apply for Funds

SBA Participatig Lenders – Organized by Location

Local Loans and Grants

City of Tacoma COVID 19 Loan

City of Tacoma COVID 19 Loan

  1. Last day To Submit A COVID-19 Pre-Application To Be Considered For The Loan Is Tuesday, April 7, 2020, At 5 Pm
  2. City of Tacoma will be offering small loans that require no repayment for a year. Loan payments will be deferred for 12 months after loan closing. This means that if your business is approved for a loan and we close in April 2020, you will not have to make any monthly payments until April 2021. During that time, interest will accrue on the loan.
  3. You may borrow up to $15,000.
  4. Only small businesses with less than 10 or fewer employees who have a physical establishment (home-based businesses are not eligible) within Tacoma City limits are eligible to apply. The business must have been operating in Tacoma for at least a year. The business must be able to document a significant loss in revenue/sales due to COVID-19.
  5. Use the funds for Working capital.
  6. Lack of equity and collateral will not disqualify a business from being eligible for this loan. Equity and collateral requirements will vary based on the assets, and net worth of the business and borrower.
  7. Loans are 5-year amortization period at a fixed interest rate of 75% of Wall Street Journal prime rate (As of 3/27/20, the interest rate offered to applicants is 2.44% and is subject to change as prime rate changes). No pre-payment penalties.
  8. To apply: Complete the COVID-19 Pre-Application Form. Staff will review your intake form and notify you of your eligibility within 2 business days.
  9. Eligible applicants will receive an email with a DocuSign link containing the loan application. Once the application is completed and all required documents are attached, the application will be reviewed April 3rd. Make sure to submit all documents by April 2nd end of day if you wish to make the first round of review.
  10. Those that submitted an application by end of day April 2nd, will receive notification of approval or rejection by April 14.
  11. Once an application has been approved staff will prepare the loan closing documents to be signed digitally. Applicants must have their signatures notarized, banks and financial institutions may have notaries available.
  12. Upon completion of loan, closing staff will issue payment via check or direct deposit.
  13. Please complete our COVID-19 Stabilization Loan Pre-Application.
  14. There is no cost to apply.

For Questions Email:

City of Tacoma Tax Credits

For more information visit: COVID-19 Tax Relief for Tacoma Business


Pierce County Loans

COVID-19 Emergency Small Business Relief Loan Program

  1. Application for the COVID-19 Emergency Small Business Relief Loan Program
  2. Loan amounts up to $10,000 will be awarded, based on number of employees. Loans will be offered to qualified applicants at no interest and no payments for 12 months.
  3. Businesses applying for loans under this program must:
    1. Be a business physically located in unincorporated Pierce County (not within city limits)
    2. Have 10 or fewer employees (including business owner)
    3. Be in operation for one or more years
    4. Demonstrate at least a 25% reduction in revenues attributable to the COVID-19 pandemic
  4. Only one loan per business owner or owner group, regardless of the number of business locations an ownership may have. Applications will be accepted on a first come, first served basis, subject to available funds.

Apply online at or for more information contact the Pierce County Economic Development Department at (253) 798-6150 or

Working Washington Small Business Emergency Grant program (WWSBEG)
  • Washington State Governor Jay Inslee announced a new grant program to assist small businesses impacted by the COVID-19 pandemic. 
  • This program was created to help very small businesses (ten or fewer employees) who have been in business for over one year.
  • Up to $5 million in funds are provided through the Governor’s Strategic Reserve Fund and administered by the State Department of Commerce.
  • The grant program will provide a limited number of businesses in Washington’s 39 counties with a grant up to $10,000. 
  • Only apply for one grant per business.
  • Allow 4 to 6 weeks for processing.
  • Pierce County businesses should apply by completing the application available and email it to 
  • Download Application
  • Small businesses that qualify for the grant program will submit applications through their local county/regional economic development organizations please visit this website to find out where to process your loan application
  • County/regional economic development organizations will prioritize applications based on the severity of the impact the business is facing due to COVID-19, including from being forced to close by the government-mandated closures, social distancing measures or illness.
  • Recommended awards will be sent to the Department of Commerce for review and vetting.
  • Qualifying applications will be forwarded to the Governor for review and signature.
  • Your local ADO will administer approved awards to the successful company.
  • Awards will be approved on a case-by-case basis and are dependent on the availability of funds. The objective is to support businesses through the crisis and enable them to retain as many employees as possible.
  • Funding is not meant to help launch a business, but to support existing businesses who are specifically affected by the COVID-19 crisis and are vital members of their local community.
  • Applicants are eligible to receive one Working Washington Grant award during the current budget cycle, which ends on 06/30/2021.
U.S. Chamber Save Small Business Fund ($5000 Grant)

Small businesses are the foundation of our communities and our economy. Employing nearly half the American workforce, companies like yours keep our neighborhoods running and make them feel like home.

We know you’re facing multiple challenges right now, and every dollar counts.

Funded by corporate and philanthropic partners, the Save Small Business Fund is a collective effort to provide $5,000 grants to as many small employers as we can. We hope these supplemental funds will help you get through the next days and weeks.   

To Qualify You Must

  • Employ between 3 and 20 people
  • Be located in an economically vulnerable community
  • Have been harmed financially by the COVID-19 pandemic
  • See if your zip-code is eligible

Applications open April 20, 2020, 12:00pm Pacific Time

It will take about 10 minutes to complete.
  • All you will need is your business’s W-9 form.
  • Grants will be awarded on a weekly basis, but you only need to apply one time to be eligible for funding.

To apply, click here

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