||| FROM ECONOMIC DEVELOPMENT COUNCIL |||

About the Small Business Flex Fund

The Small Business Flex Fund provides access to flexible, low-interest loans and business support services to small businesses and nonprofits across Washington. Backed by the Washington State Department of Commerce, the Fund is a collaborative partnership of local and national community finance organizations created to support Washington’s smallest businesses and address the needs of historically under resourced and under banked communities. The Fund includes leaders from across sectors including local community lenders, national and state-based nonprofit organizations, corporations, philanthropic donors, and investors – all who are passionate about an equitable recovery across the state.

For more information and to apply, visit: www.SmallBusinessFlexFund.org

Source: Washington State Department of Commerce News Release

Get kids thinking about careers!

Program starting July 15th: Kids can do a soil test and learn about careers in conservation under the guidance of the Conservation District.
Program starting July 20th: Kids can build a motor and learn about the electrical grid with OPALCO.

We still have spots available and programs are FREE!

Learn more at: https://sanjuansedc.org/youth-trades

Getting back on Track!

SBA and Public Private Strategies Institute are hosting several webinars through August to help you get your business back on track. Hear about what steps you can take now to learn and take advantage of new and existing programs that are available at the SBA; get an update regarding programs and recent policy announcements made by the Biden-Harris Administration; have your questions answered by SBA Leadership and small business experts; learn how you can become a vaccine leader in your community; discover tools and resources you can use to take your business digital.
Join us for our next webinar on July 15, 2021 at 2:00 p.m. EDT
To register, click here
Source: SBA Pacific Regional Office

Understanding Tax Credits Webinar on Thursday, July 22Join the SBA Pacific Northwest Region for this webinar when a local IRS representative will provide detailed information to help you navigate various small business tax credits and how they can benefit your business.
This includes Paid Leave for Vaccines tax credit, Employee Retention Credit, Sick and Family Leave Credits and other helpful tax information.
An SBA representative will also share additional resources to help recover and grow your business.
There will be Q&A toward the end of the session as time allows.
Register here
For more information about Employer Tax Credits visit IRS.gov/coronavirus/employer-tax-credits

Source: SBA Pacific Regional Office

Government Contracting Webinar

Interested in contracting with the federal government? Join the U.S. General Services Administration for a webinar on July 20, 2021 at 2:00 p.m. EDT to learn how to create an effective federal marketing plan with a targeted approach to government contracting.. Register

Source: SBA Pacific Regional Office

Child Tax Credit Starts July 15

Mark your calendar: Starting on Thursday, July 15, nearly all working families in the United States will start receiving their Child Tax Credit.

Learn more

Source: SBA Pacific Regional Office

Economic Injury Disaster Loans (EIDL)
Loans still available!

Did you know that an EIDL has a lower interest rate than most credit cards?
An EIDL helps businesses meet financial obligations and operating expenses that could have been met had the disaster not occurred. The terms are for 30 years at a 3.75% fixed interest rate for businesses and 2.75% fixed interest rate for nonprofits. The deadline to apply is Dec. 31, 2021.Learn more

Source: SBA Pacific NW Regional Office

Increasing your Existing Economic Injury Disaster Loans (EIDL)

COVID-19 EIDLs can be modified by increasing the amount up to 24 months of economic injury or a maximum of $500,000, whichever is less.
Steps to request an increase:

1.   Log into your SBA loan portal account at:https://covid19relief1.sba.gov/
2.   Click on the button that reads “Request More Funds”
3.   Disclose any changes to the business since the original EIDL application was submitted
4.   Identify the form used for your most recent tax return (ex. Form 1040 Schedule C)
5.   Use the slide bar to select a new (increased) loan amount
6.   Electronically sign an IRS Form 4506-T, which allows SBA to obtain tax transcripts directly from the IRS
7.   Submit the request for processing
8.   Monitor your email for correspondence regarding your request
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