Welcome to the Thurston Economic Development Council’s
COVID-19 Resource Page
First off, we know these are trying and uncertain times for businesses. We are here to help any way we can.
We are asking for businesses to fill out the web-based Economic Injury Form HERE (English)
or the Economic Injury Form (PDF in Vietnamese) IMPORTANT: SAVE A COPY OF THE FORM TO YOUR COMPUTER BEFORE YOU BEGIN FILLING IT OUT OR IT WON’T SAVE YOUR ENTRIES WHEN YOU EMAIL IT TO US. SEND IT TO [email protected]
This form can be used to track the impact Covid-19 is having on your business. You can fill this form out as frequently as you wish. Just make sure you indicate the date range. These forms are collected and used to request additional funds from local state and government agencies.
Washington State’s official COVID-19 website is https://coronavirus.wa.gov/
COVID-19 Funding Available
We know that the impact right now on businesses and sales is real and significant. The truth is that grant money at the moment for businesses is minimal and often available for small geographic areas.
We recommend you talk to your local lender from your current bank about options for lending. Banks are eager to support their clients right now and it is likely the quickest way to access capital. Even if you do not need the capital now it is not a bad idea to secure a line of credit in the event that you may need it. We recommend you talk with an advisor about planning for your cash flow needs and be sure that you’ll be able to afford a loan payment. If you currently have a loan and are concerned about meeting the payment terms and dates, please reach out to them to see about options during this time.
SBA’s Economic Injury Disaster Loan
The EIDL is available to those who qualify both nonprofits and for profit businesses. They have a low interest rate with a max rate of 4%.
In addition to the SBA EIDL program, other SBA loans that may be able to support you now. SBA loan providers can be found at many local banks. If you need assistance connecting to a SBA loan officer check out Lender Match is an SBA site to introduce applicants with SBA lending partners utilizing our regular loan products.
Do you currently have an SBA loan?
Did you know you can apply for a 90-day payment deferral? Reach out to your lender who helped you secure the SBA loan to obtain the correct forms. Through SBA’s regular policies, SBA participating lenders have some servicing flexibilities where they may be able to work with you on payment deferments, loan modifications, etc.
In addition to traditional commercial lenders, the SBA has micro-lending partners where loans offered range from $500 to $50,000. SBA provides funding to these organizations who then re-lend this money to qualified small businesses. The microloan program may be a fit for relatively small financing needs or in instances where a loan applicant is having difficulty obtaining financing from a traditional lender. The active SBA micro-lenders in the area include Business Impact Northwest, Ventures and MercyCorps Northwest.
SBA-Related Links To Explore
At this time, businesses should go into recession planning mode, and currently, the Washington Small Business Development Center is recommended to put together a six-month recession plan. The people who help you start, run, and grow your business are the same resources that can help you now. They can help you prepare a plan, help you cash flow plan, and help you prepare for loan applications. Check out the following local resources:
The Washington Small Business Development Centers
The WSBDC’s are ready to support you. An SBA-funded program that has existed for more than 40 years is here to help! Their advisors have owned businesses and completed extensive training to become a certified business advisor. These services are paid with your tax dollars and offered at no charge to you. Locally in Thurston County, we have two advisors and many more across the state. They offer one on one online and phone sessions during this time as well as many group webinars.
- Check out the Washington Small Business Development Centers resource links below to learn more:
- Every day at 11 am, they are hosting a business resiliency webinar:
For over 50 years, SCORE has served as America’s premier source of free business mentoring and education. As a resource partner of the U.S. Small Business Administration (SBA), SCORE has helped more than 11 million entrepreneurs through mentoring, workshops and educational resources since 1964. They are offering online and phone sessions with their many mentors across the country.
You can search for a mentor by industry or topic at www.score.org.
Additional Resources SCORE has for businesses:
- How Businesses Can Prepare for Coronavirus
- The Coronavirus Economic Impact: Will Business Interruption Insurance Help (& What Are My Other Options)?
- Crisis Communications Planning Checklist
- Other small business disaster preparedness resources
WCWB- Washington Center for Women in Business
The WCWB is a program of the Center for Business & Innovation (CB&I), whose mission is to empower entrepreneurs to succeed in business by providing coaching, training, and technical assistance on a wide variety of topics. Right now web-based delivery methods and phone services are available throughout most of the State of Washington. We can serve you in English or Spanish.
Washington Procurement Technical Assistance Center
Sign up for services at www.washingtonptac.org
The PTAC is a program of the Thurston Economic Development Council, whose mission is to increase the government contracts and subcontracts that are awarded to businesses. One on one technical assistance is provided at no-cost. During the COVID emergency, PTAC is working with businesses offering solutions to government agencies and assisting agencies with connecting to suppliers.
Keep an Eye on these Up-To-Date Resources
- This is an incredible resource put together by the WA Governor’s Team. They are keeping this site up to date with the latest news and resources:
- The Department of Commerce’s website is updated often as well. They have a nice list of State resources like waiving your Department of Revenue late filing fee and asking for a filing extension and much more.
- The Employment Security Department has put together a great chart to show what benefits are available for employers and employees. It is easy to use and in addition, they have a great FAQ Q&A section for both workers and employers.
- Labor & Industries has a resource page up as well as pointing to employee safety and health.
- Thurston County’s Emergency Management team has a site up as well as linking many of these listed resources, as well as distributing and collecting the Economic Injury forms.