Resources for businesses, workers in wake of coronavirus shutdown

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The Governor’s Office has compiled a partial list of resources to support economic retention and recovery related to COVID-19 coronavirus.

FINANCIAL ASSISTANCE

The federal Small Business Administration might be able to provide assistance through the Economic Injury Disaster Loans program to businesses that have suffered substantial economic injury in an eligible disaster area. Congress approved up to $7 billion in low-interest disaster loans specifically to assist small businesses impacted by COVID-19. These loans can help small businesses meet financial obligations and cover operating expenses. For more information, visit disasterloan.sba.gov/ela/Information/EIDLLoans.

The Washington State Department of Revenue can work with impacted companies that request an extension on tax filing. The law grants the department authority to extend the due date for excise tax returns. A business may request such an extension from the department prior to the due date of the return, and, if granted, the business would be allowed to delay reporting and paying its tax liability. If a business needs an extension of more than 30 days, the law requires the department to collect a deposit from the business.

DOR might also waive penalties under limited circumstances if a business is late in paying its tax obligation. The law also grants the department authority to provide a one-time, 24-month late-payment penalty waiver if the business has not owed a late payment penalty during the previous 24 months. Call the Department of Revenue at 360-705-6705.

DOR might also work with businesses that cannot file or pay their taxes on time if they are impacted by a declared state of emergency. When a state of emergency or disaster has been officially declared, affected businesses that owe Washington taxes may qualify for:

• A filing extension for excise tax returns.

• A late-payment penalty waiver request.

The state is also compiling a larger list of local bankers, financial associations, telecoms, utilities and major employers that might be able to provide relief, such as:

• Deferred bills, waived fees, discounts, no-interest loans and other support.

• Debt and late-penalty forgiveness for companies and workers to help keep people employed.

• Favorable credit terms for firms that encounter cash flow problems.

EXPORT ASSISTANCE

The Washington State Department of Commerce’s Export Assistance Team division can help companies identify alternative markets and provide firms with STEP (State Trade Expansion Program) vouchers to defray the costs of trade show or trade mission fees, airfare, interpreter and translation services, business matchmaking, export training programs and more. For more information, visit commerce.wa.gov/promoting-washington-state/export-assistance or contact the Export Assistance team at 206-256-6100.

The SBA’s Export Working Capital Program can help small businesses obtain working capital advances from lenders on export orders, export receivables or letters of credit. SBA’s Senior International Credit Officers can work directly with an impacted company to explain the program and application process. For more information, visit: sba.gov/content/financing-your-small-business-exports-foreigninvestments-or-projects-0.

EMPLOYER AND WORKER ASSISTANCE

The Washington State Employment Security Department can provide support with unemployment benefits. For employers who want to keep from losing highly trained employees, these unemployment benefits can be received through, or while covered by, Shared Work, Partial Unemployment and Standby, which allow certain workers to collect unemployment while remaining with their employers and not actively seeking other jobs. For more information, visit esd.wa.gov/newsroom/covid-19.

ESD’s Paid Family and Medical Leave program can provide paid-leave benefits for Washington workers who need to take time off from work due to a serious health condition or to care for a family member with a serious health condition. Certification from a health care provider is required for applications for Paid Family and Medical Leave due to a serious health condition. For more information, visit paidleave.wa.gov.

If COVID-19 disrupts a Washington business and causes a mass layoff or closure, ESD and its local workforce development board partners can respond with Rapid Response services and funding to help impacted workers get connected to unemployment benefits and reemployment services, including retraining, worker support services and referrals to other social services. For more information, visit www.esd.wa.gov/newsroom/layoffassistance.