MVDA Business Continuity Resource

Written By Mount Vernon Downtown Association
Copy of MVDA business Continuity Resources (2).png

The Mount Vernon Downtown Association is closely monitoring the impacts to our downtown businesses caused by the COVID-19 outbreak. We are available to help with a variety of services, please reach out to us at info@mountvernondowntown.org.

LOANS  |  TAX RELIEF  |  GRANTS  |  EMPLOYEES  |  ADDITIONAL RESOURCES

Stay Healthy

Stay connected with the most up-to-date information about the virus, health and safety recommendations, and other information to protect you and your family.

Skagit County Department of Health

Centers for Disease Control

WA Department of Health

Virtual Networking & Outreach

Just because we’re social distancing doesn’t mean we can’t get together… virtually. Be a part of building a vibrant virtual community to benefit our downtown. Register & Connect

Yes! We’re Open!

Many downtown Mount Vernon businesses are making adjustments to cope with the coronavirus impact while still serving customers. Use this form to keep us updated with what you’re doing and we will promote your services on our resource page and on our social media outreach! Fill out Form

LOANS

SBA Economic Injury Disaster Loans Are Now Available – with help from EDASCThe Economic Development Alliance of Skagit County (EDASC) is available to help Skagit County businesses work through the application process at no cost. The SBA will provide direct, targeted, low-interest loans to small businesses and nonprofits that have been severely impacted by the Coronavirus (COVID-19). The SBA’s Economic Injury Disaster Loan program can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. If you think you would like to apply, do so sooner rather than later. These applications will be reviewed on a first-come, first-served basis. 

SBA Paycheck Protection ProgramThe Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses. Lender list coming soon. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward. 

Express Bridge Loan Pilot ProgramWhile waiting to see if your business qualifies for an SBA EIDL Loan you may also want to apply with your local lender(s) for an Express Bridge Loan that can provide up to $25,000 of immediate funding.

Additional SBA Loan ProgramsThe SBA provides a number of loan resources for small businesses to utilize when operating their business.

7(a) program offers loan amounts up to $5,000,000 and is an all-inclusive loan program deployed by lending partners for eligible small businesses.
Express loan program provides loans up to $350,000 for no more than 7 years with an option to revolve.
504 loan program is designed to foster economic development and job creation and/or retention. Use of proceeds is limited to the acquisition or eligible refinance of fixed assets.

Local & Alternative Lending Options
These local banks and credit unions are rolling out emergency funding options:

Washington Federal (offering a 5-year business line of credit with no interest for 90 days)WECU Crisis Relief Loan (personal loans up to $5,000 with no payments for 90 days, 24-month term, 3.9%)

Additional alternative sources of funding, inclusion in this list is not an endorsement or a recommendation:

Prosper (Personal loans up to $40K)Lending Club (personal and business loans)OnDeck (Business loans up to $500KKabbage (Up to $250,000 lines of credit)Square (if using Square Point-of-Sale)

TAX RELIEF

Both Federal and State taxing authorities are developing programs to offer deferral of the payment of taxes which can help businesses retain cash to meet operating expenses.

Washington State assistance programs are summarized on the Governor’s Office websiteThe Federal Government tax relief programs will be updated on the IRS website

GRANTS

StartUp Washington –Crisis Planning Tools and Resources, including a soon-to-be announced WA State Small Business Emergency Grant Program.

Bumble Community GrantBumble Bizz is offering up to $5k in monetary support for small businesses affected by COVID-19. The application is simple: download the Bumble app and match with the Bumble Community Grants profile to get started.

Facebook Small Business Grants ProgramDetails are TBA – sign up at the bottom of the page for updates when the application goes live, these funds will likely go quickly.

EMPLOYEES

What Should I Do About My Employees?Washington’s Employment Security Department (WA ESD) has programs to assist businesses and workers during this crisis. WA ESD has summarized various labor situations for employers to consider from layoffs, to stand-by and shared-work status with this handy PDF.

Overview of Employer-Paid Leave Requirements and Tax Credit ProvisionsThe House recently passed the Families First Coronavirus Response Act which is summarized with this chart

What About Paid Family & Medical Leave?This may be another source of financial relief for workers who are themselves sick, subject to quarantine or caring for family members. You can find out more here: https://paidleave.wa.gov/coronavirus/

ADDITIONAL RESOURCES

Small Business GuideThe Washington State SBDC has put together the following guide and planning documents that can be downloaded and customized for your company:

Additional Business Resources

Mount Vernon Downtown Association
Previous

guide to Downtown MV
Next

Ca$h Mob MV