Yesterday evening, Governor Jay Inslee announced an extension to the Stay Home – Stay Healthy Order, mandating the practice of social distancing in Washington State to continue through May 4. The Foundation for Tacoma Students will continue to advocate for our partners throughout this pandemic and connect community members to resources through our COVID-19 Resource Directory.
The $2.2 trillion CARES Act (Coronavirus Aid, Relief, and Economic Security Act) passed by Congress is the third of what is most likely to be several economic stimulus and relief packages Congress will pass to support the American people. The bill includes funding for individuals, corporations, small businesses, education, public health, state and local government.
We want to let you know about two time-sensitive economic assistance opportunities available through the Small Business Administration. The Paycheck Protection Program and the Economic Injury Disaster Loan are open to for-profit and nonprofit organizations experiencing financial hardships due to COVID-19. Funds are distributed on a first-come, first-serve basis and applications open TODAY April, 3.
Here is a look at what is included in the two programs along with other resources relevant to our partners and community:
NONPROFITS & SMALL BUSINESS
• Businesses with less than 500 employees
• Up to $349 billion in forgivable loans
• Covers payroll costs, benefits, utilities, rent & interest on mortgage obligations
• Businesses with less than 500 employees
• Up to $2 million in assistance
• Does not include loan forgiveness
EDUCATION & CHILD CARE
• Additional $3.5 billion to CCDBG
• Covers child care assistance for health care and other essential workers, cleaning and sanitation & other activities necessary to maintain or resume operation
• $13.4 billion for K-12 & $14.2 billion for higher education
• $3 billion for governors to distribute to areas most impacted by COVID-19
• $8.8 billion for schools to provide meals for students
• Local Educational Agencies (LEA’s) can work with organizations to support community needs. An LEA stimulus dashboard is available to view anticipated revenue per district
INDIVIDUALS & FAMILIES
• Public employers and private businesses with less than 500 employees required to provide up to 80 hours paid sick leave
• Emergency Paid Family and Medical Leave Expansion (EFMLEA) to provide ten weeks of paid, and two weeks unpaid, emergency family and medical leave
• Checks are based on last tax filing and will be issued starting late April
• One-time payment of $1,200 per adult making less than $75,000
• $500 per child under 17
• $600/week increase in benefits for up to four months
• Federal funding for self-employed and independent contractors
• Federally funded additional 13 weeks of UI after workers run out of state UI
• Forbearance on federal student loans until September
• Zero percent interest accrual during that period
