See the following news and information compiled by Washington MBDA Business Center related to COVID-19 business resources. You can also follow us on our Facebook page for more updates.
Last update: September 23, 2021
New Enhancements to SBA COVID Economic Injury Disaster Loan (EIDL) Program – Small Business Administration
Key changes include the following: 1) Increasing the COVID EIDL Cap from $500,000 to $2 million. 2) Implementation of a Deferred Payment Period. 3) Establishment of a 30-Day Exclusivity Window 4) Expansion of Eligible Use of Funds. 5) Simplification of affiliation requirements. Read full SBA Seattle Bulletin here.
Tips for Preparing an IRS 4506-T Form for COVID EIDL – U.S. Small Business Administration
Applicants for the COVID-19 EIDL are required to submit a signed and dated IRS Tax Authorization From 4506-T. Many applicants have run into problems because they’ve filled out the 4506-T incorrectly. SBA has prepared a list (PDF file) to get it right the first time – see here.
September 30: Small Business Flex Fund Info Webinar, 11 AM – Small Business Development Center
The Washington State Small Business Flex Fund is a new loan program for the smallest Washington businesses and nonprofits affected by COVID-19. Interest rates of 3% – 4.5%, borrow up to $150,000 with 60 or 72-month loan terms. To be eligible to apply, small businesses and nonprofits must employ 50 or fewer full-time equivalent (FTE) employees, have annual revenues of less than $3 million per year, and experience a direct economic disruption as a result of COVID-19. This webinar will provide information about the loan program and application process and help you prepare to apply. Register here.
President Joseph R. Biden has declared September 19-25, 2021 as National Minority Enterprise Development Week. Click here to read the proclamation.
2021 National Minority Enterprise Development Week Conference Hub is NOW LIVE!
MBDA is ready to lead the charge on 2021 National MED Week! Visit www.mbda.gov to enter the MED Week Conference Hub. Get an advanced view at what’s coming next week. Plan out your MED Week schedule early to maximize your experience!
Buy MBE Day helps generate awareness, support, and revenue to the millions of minority-owned firms across the country. Since 1983 MBDA has led the National Minority Enterprise Development Week (MED Week) observance to recognize the achievements and economic contributions made by Minority Business Enterprises (MBEs). This year’s MED Week celebration will culminate with the 2nd Annual Buy MBE Day on Saturday, September 25, 2021!Read More
In response to the pandemic and the adverse impacts on underserved communities in Pierce County, the County Council has allocated $5M of American Rescue Plan Act (ARPA) funding to launch the Pierce County Business Accelerator. The program will serve entrepreneurs and business owners throughout Pierce County with a focus on underserved communities to help foster innovation and create wealth-building opportunities.
The Pierce County Business Accelerator will provide direct access to business resources such as relevant training, coaching, technical assistance, and networking support to launch and grow micro businesses in Pierce County. Upon completion, participants will receive access to potential funding options, matching grant resources up to $10,000, a commercial rent stipend for one year up to $500/mo., and coaching/mentorship for one year.Read More
As you may be aware, all entities wanting to register to do business with the federal government must first obtain a DUNS number. The DUNS number is the current unique identifier that the government uses to verify your entity. On April 4, 2022, the U.S. government will switch from using the DUNS number to a new Unique Entity ID (SAM), also known as a UEI.
Click the link below for a release from GSA Integrated Award Environment to help answer questions about the change:
What do I need to know about the new Unique Entity ID in SAM.gov?
In case you missed it! On July 29, 2021, Vice President Kamala Harris and Administrator Isabel Casillas Guzman joined small business owners from across the country as part of the Getting Back on Track Webinar Series by Small Business Administration (SBA) to discuss government resources and tools that are helping small business owners recover from the pandemic and build back better.