||| FROM ECONOMIC DEVELOPMENT COUNCIL |||
The EDC is continuing to analyze the details of the just-passed stimulus package. Our comprehensive summary with links can be found here and we will continue to post updates at that link.
We are still days away from PPP applications reopening but businesses that qualify and are interested in doing either an initial application or a second draw should start gathering their materials in anticipation of the application period.
As in the previous round, businesses will submit 2.5x months of payroll costs. Restaurants and bars (NAICS code starts with 72) are an exception and can submit 3.5 months. 2nd draw applicants need to demonstrate a reduction of at least 25% in gross receipts during a quarter of 2020 as compared with the same quarter in 2019.
More information will become available as the SBA and banks release their deployment plans and timelines in the coming days. As before, these loans will be applied for either through your existing business bank or online lenders such as Kabbage, Square, or BlueVine. We will post links once lenders start making them available.
We also encourage everyone to monitor SBA’s media as they make announcements about the various stimulus components:
We also encourage workers and employers to sign up for ESD’s alert emails at esd.wa.gov and check their website and Facebook page regularly for updates. The EDC will repost important ESD updates to our Facebook page as well.
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