Dear Clients, Colleagues and Friends,
We are very lucky to have an abundance of small businesses throughout our community. To ensure each of our owners, tenants and entrepreneurs have access to the most updated resources, we are providing this newsletter to give you information that may be valuable to you.
SBA Economic Injury Disaster Loan Program
As part of its disaster assistance program, the SBA is providing low-interest working capital loans of up to $2 million to small businesses and nonprofits affected by the coronavirus. These loans carry an interest rate of 3.75% for small businesses and 2.75% for nonprofits. Loan repayment terms vary by applicant, up to a maximum of 30 years.
- As of March 23, businesses in every state plus American Samoa, Guam, the Northern Mariana Islands, Puerto Rico and the U.S. Virgin Islands can apply.
- You can use the loan to cover accounts payable, debts, payroll and other bills the coronavirus has affected your ability to pay.
How to Apply
- Apply online and select “Economic Injury” as the reason you’re seeking assistance.
- You’ll need to supply required supporting documentation that could include the business’s most recent tax returns, a personal financial statement and a schedule of liabilities that lists all your current debts.
- Call the SBA Disaster Assistance Customer Service Center at 1-800-659-2955 for help with your application.
Local Resources and Information
City of Portland
Prosper Portland (the city’s economic development arm) is partnering with APANO to provide $150,000 in grants to businesses with Asian/Pacific Islander ownership, particularly those within the Jade District (centered on Southeast 82nd Avenue and Division Street) and in Old Town Chinatown. Businesses can apply here.
Prosper Portland is prepared to offer a three-month deferral of loan payments to its existing borrowers who request it and whose business have experienced a decline in revenue of 10% or more. Prosper is prioritizing public-facing businesses with annual revenues under $1 million. Contact Prosper about your existing loan by emailing firstname.lastname@example.org.
Prosper is also offering rent relief to its commercial tenants. For businesses that have experienced a decline in revenue of 10% or more, Prosper is prepared to provide a three-month deferral of rent payments for April, May and June 2020. Find Prosper’s list of business resources here.
The City of Portland has partnered with Grubhub to support local businesses. Grubhub is suspending collection of up to $100 million in commission payments from impacted independent restaurants nationwide. Grubhub has also created a fund that will enable proceeds from its Donate the Change program to go toward charitable organizations that support restaurants and drivers impacted by the COVID-19 health crisis. Grubhub will work with local city officials to identify the organizations that can utilize the funds and to consider other support programs during the pandemic.
City of Beaverton
The City of Beaverton and the Beaverton Area Chamber of Commerce have launched an Emergency Business Assistance Program to assist with commercial rental or mortgage payments during the COVID-19 pandemic. Eligibility requirements include businesses with 50 or fewer full time equivalent employees in Beaverton affected by a mandatory change in service; businesses with an active Beaverton license; businesses with a lease or mortgage payment on the property; and business experiencing economic loss due to COVID-19. National chains are excluded. The program is in effect during the city’s declared state of emergency and while funds are available. Reimbursement grants of up to $2,500 per business are available for eligible businesses. Additional information and the application is available here.
City of Hillsboro
The city is working to set up a low-interest loan program for small- and medium-sized businesses in need of financial support because of COVID-19 containment efforts and government directives for closure or operational curtailment. Details are still being finalized.
City of Tualatin
The Tualatin Development Commission has created an Economic Stabilization Fund of $250,000 to assist Tualatin businesses affected by coronavirus.
Eligibility requirements for program funding includes businesses with 55 full-time or equivalent employees or fewer, a physical storefront within Tualatin city limits, a documented loss of income due to the COVID-19 pandemic and a current city business license. Reimbursement grants of up to $10,000 per businesses are available for those eligible. Full details, application, and judgement criteria will be released shortly. Check here for updates.
Portland-area utility providers are suspending automatic shutoff in the event of nonpayment. Those providers are Portland General Electric, Pacific Power, Portland Water Bureau and NW Natural.
Unemployment insurance benefits may be available to individuals who are involuntarily unemployed as a result of COVID-19. The amount of the benefit will vary based upon the amount of money that the individual has previously earned.
Oregon and Washington issued temporary rules for unemployment insurance benefits that are much more flexible during this crisis. Links to the webpages that detail the situations where an employee may file unemployment due to Covid-19 related situations are:
- Oregon: https://www.oregon.gov/employ/Pages/COVID-19.asp
- Washington: https://esd.wa.gov/newsroom/rulemaking/covid-19
Federal Income Tax Filing and Payment Deadline Extension
The federal tax return filing deadline is now July 15, 2020. For tax payments of up to $10 million, the IRS has also extended the deadline for both individuals and businesses to July 15, 2020. Estimated tax payments for 2020 originally due on April 15 will now be due on July 15.
Check with your state tax agency to find out if your business has more time to file or more time to pay state and local taxes this year as a result of the coronavirus. Several states have already aligned their tax filing and payment deadlines with the new federal deadline. States also may waive or reduce penalties on late tax payments.
We are closely monitoring how Oregon and Washington is addressing tax relief and will provide an update in the coming days. Links to the webpages dedicated to each state’s tax relief pages are:
- Oregon: https://www.oregon.gov/dor/Pages/COVID19.aspx
- Washington: https://dor.wa.gov/about/business-relief-during-covid-19-pandemic