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COVI D-19 SMALL BUSINESS RESOURCES WASHINGTON COUNTY Community UDevelopment Agency TO BUSINESS Financial Resources Program Agency Eligibility Amount Interest Collateral Requirements Terms Deferral Period Forgivable? Other/Notes Must be a locally owned and operated for -profit business with a physical address documenting business establishment in Washington County. Multiple individual businesses located in Washington County that are owned by one owner are eligible to apply. • For up to the maximum $15,000 funding limit, businesses must have at least one FTE (full time equivalent) employee in addition to the owner as of March 1, 2020 and not more than 50 employees, and generate under $3.5 million in annual revenues. N/A, however, applicants will make • Must have been operating for at least 6 months Up to $15,000 for their grant request amount based on prior to March 1, 2020. employee -based expenses incurred during COVID-19 Washington County • If required by the state or local government, businesses and these expenses are subject to CARES Act Small Washington businesses must be licensed and in good standing. N/A N/A N/A N/A audit. The grantee will be required to Grant application will be posted on August loth, Business Relief Grant County Property taxes must have been current prior to March 1, 2020. • Business must demonstrate a significant loss in Up to $7,500 for self-employed to pay part or all the grant back if they cannot provide proof of the 2020. revenue since March 15 (no credit score or collateral entrepreneurs expenses reported to receive the requirements apply). grant. • Home -based businesses are eligible; however, priority will be given to employer businesses with separate non-residential property addresses. Separate funding level (up to $7,500 maximum) for home - based businesses or for self-employed entrepreneurs that have no employees that have a physical location for their business in Washington County other than their personal residence. All other terms and conditions of these policies apply to any home -based or self-employed businesses. Any business with less than 500 employees (including Unsecured up to 25K; loans - Up to 3 to 4 weeks to process application sole proprietorships, independent contractors and of over 25K will need to give If approved for EIDL, any loan - Apply online self-employed persons), private non-profit Up to $150000 — 3.75%- the SBA access to collateral, Up to advance you received (up to - List of supporting financial documents SBA Economic Iniury Small Business organization or 501(c)(19) veterans organizations. applications,due business that does not mean that you 30 Up to 12 months $10,000, $1,000 for each employee) requested Disaster Loan — Phase 2 Administration Businesses in certain industries may have more than by 12/31/20 o 2.75/o non- need to have your loan fully years will be applied to the loan. Th e - Approval can be based on credit score 500 employees if they meet the SBA's size standards profit collateralized, but if you advance does not need to be repaid. - Personal Guarantees for loans over $200k for those industries. have collateral it will be - Apply at: https://covid19relief.sba.gov/ used. SBA Paycheck Small Business 2 5 - Up to 1 to 2 weeks to process application Protection Pro ram 9 Administration An business with less than 500 employees (including y g U to $10M p 1% No U to 6 months p The amounts spent b the borrower p y Apply through an SBA -Approved Lander pp y g pp Phase 2 sole proprietorships, independent contractors and years during an 8-week period after the - Loan based on 2.5x average monthly payroll Updated April 22, 2020