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Small Business Relief and School Closure Update
Friends and Neighbors,
In District 2, our small and family-owned businesses are the backbone of our communities, providing needed jobs while keeping our hard-earned dollars here at home.
Even in the best of times, making a small business thrive is difficult. With the spread of coronavirus, it has become nearly impossible. But this week marks an important moment in our ability to fight back and stabilize these vital employers and drivers of our economy.
As of last Friday, nearly $350 billion in loans are now available to small businesses struggling during the COVID-19 crisis. The money, dubbed the Paycheck Protection Program, is part of the coronavirus relief plan from Congress and makes loans of up to $10 million (up to 2.5 times their total monthly payroll) available to businesses with fewer than 500 employees (based on pre-COVID-19 payroll numbers).
Business owners can find more information on the SBA’s website or by contacting their preferred lender. Additionally, small businesses with temporary revenue loss can get up to $10,000 through an Economic Injury Disaster Loan. Again, any business with fewer than 500 employees is eligible and the funds need not be repaid. Information about this program is available here.
My staff is working to quickly gather all these resources in one place, and we will be adding more information about these programs and others to our Get Help page.
If you own a small business or know anyone that does, please share this difference making information to help keep our community establishments afloat.
Lastly, Governor Inslee today announced the closure of schools to reduce the spread of COVID-19 will be extended for the remainder of the school year. Distance learning will continue through the end of the year, and Inslee said that seniors in good standing could still expect to receive their diplomas this year.
While times are tough as ever, we will continue implementing new resources to ensure our communities receive critical aid.
Yours in service,
Girmay Zahilay
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