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Small Business Economic Injury Disaster Loans re: COVID-19

Posted by Tony Swartz | Mar 22, 2020 | 0 Comments

These are the best resources I have found on the 2020 CARES Act economic small business grants and payroll protection program. Click the buttons below for more info.

Detailed Payroll Protection Info

View US Chamber Loan/Grant Guide

Payroll Protection Program Info

UPDATE as of 4/2/20: The Payroll Protection Program details are now available. I linked to a really good extensive resource about the program. This program covers almost all employers, including self-employed people with no other employees. You have to apply for the loan, which can be completely forgiven if used for payroll. Locally, I am using Umpqua Bank for this. Their portal is at: ​

Additionally, the Kittitas County Chamber of Commerce announced they will manage our local state small grant program. More info on that application process is being released on April 6.

UPDATE as of 3/30/20:
The federal government passed a comprehensive bill to provide small business relief during COVID-19 closures and impacted time. I linked to a really good fact/info sheet from Senator Durbin below. I also linked to a webinar for small businesses. Finally, I linked directly to the (very easy) SBA application. You may qualify for FORGIVEN funds (funds you don't need to pay back) for payroll and other expenses. It is definitely worth looking into, but do so quickly because the funds are capped based on first-come applicants, as far as I can tell.

Webinar Video

Info Sheet (3/30/20) - Sen. Durbin

SBA Application

I received the following from the Washington State Department of Commerce regarding extended availability of  Economic Injury Disaster Loans from the federal Small Business Administration:

The Washington State Department of Commerce want businesses in our state to know that the U.S. Small Business Administration (SBA) has amended its original disaster declaration to apply to all Washington small businesses, regardless of county. These low-interest loans for working capital are now available to any small businesses suffering economic fallout from the COVID-19 outbreak. ...Eligibility for Economic Injury Disaster Loans is based on the financial impact of the COVID-19. The interest rate is 3.75% for small businesses. The interest rate for private non-profit organizations is 2.75%. ...

SBA disaster assistance is now available in all counties within the state of Washington.  Loans may be used to pay fixed debts, payroll, accounts payable and other bills that can't be paid because of the disaster's impact. Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing.

The deadline to apply for an Economic Injury Disaster Loan is Dec. 16, 2020.

The SBA lists the following additional information about these loans on their website:

​Substantial economic injury means the business is unable to meet its obligations and to pay its ordinary and necessary operating expenses. EIDLs provide the necessary working capital to help small businesses survive until normal operations resume after a disaster. 

The SBA can provide up to $2 million to help meet financial obligations and operating expenses that could have been met had the disaster not occurred. Your loan amount will be based on your actual economic injury and your company's financial needs, regardless of whether the business suffered any property damage. 

... The term of these loans will not exceed 30 years. The repayment term will be determined by your ability to repay the loan.

Click here to read more info on SBA's website

Click here to apply

About the Author

Tony Swartz

Tony Swartz is an experienced lawyer in Washington State. He has handled, most from start to finish, over 10,000 criminal cases. He has dealt with various types of civil cases, including administrative law hearings, Superior Court cases, District Court cases, and more.


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Law Office of Tony Swartz

Tony Swartz is a lawyer who practices criminal defense in Kittitas County and Yakima County. He also represents clients with speeding tickets and other infractions. Call today for a free consultation.

Tony has lived in Ellensburg since 2005, other than a brief break for law school. He attended CWU and Willamette University College of Law.

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Ellensburg, WA 98926
Office: 422 N Pine, Ellensburg WA 98926

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