Seattle’s mayor announced on March 10 an initial recovery package to ease the financial impact of the COVID-19 outbreak.
“The next few months will be tough,” said Jenny Durkan. “The City is taking some initial actions by deferring utility and (business and occupation) B&O payments, and working to directly provide businesses with loans and grants.”
Eligible businesses include those that have annual taxable income of $5 million or less and currently pay City taxes on a quarterly basis. Businesses will have until late 2020 to pay their B&O under this plan. The City estimates that 20,000 businesses could be eligible for this.
In addition, Durkan’s support package has the following:
- Expansion of Small Business/ Stabilization Fund. Office of Economic Development (OED) is expanding their Small Business Stabilization Fund to support income-qualified microbusinesses.
- Assistance to Access SBA Loans. OED will provide direct technical assistance to local small businesses and nonprofits to ensure they can immediately access the Small Business Administration’s federal loan program once it becomes available.
- Relief for Utility Payments. All Seattle Public Utilities and Seattle City Light customers can set up deferred payment plans if their financial stability has been jeopardized by COVID-19.
- New Small Business Recovery Task Force. The mayor has appointed former Gov. Gary Locke and former Council President Bruce Harrell to lead the COVID-19 Small Business Recovery Task Force, which will advise on long-term policy recommendations and provide technical assistance and outreach.
“It is great that the City of Seattle is stepping up and providing immediate financial relief for residents and businesses,” said Locke. “But we know that the long-term strength of our economy is being challenged. We need to devise policies and solutions to help our small business owners and workers weather this storm.”