The COVID-19 relief bill that passed in December included additional funding for the Paycheck Protection Program (PPP) and the Employee Retention Tax Credit (ERC).

PPP provides loans to help businesses keep their workforce employed during the Coronavirus (COVID-19) crisis and includes:

The Employee Retention Tax Credit is a refundable credit (meaning you can receive a check from the IRS) for up to $14,000 per employee for Quarter 1 and Quarter 2 2021. The credit also existed in 2020, with slightly different rules. Companies are also eligible for this credit even if they receive a PPP2 loan.

Below are some resources we put together for you to help navigate your options and provide you with one-on-one assistance:

CPA ASSISTANCE FOR SMALL BUSINESSES:

REACH along with the Business Health Trust are sponsoring accounting services for small business in need of PPP and/or ERC assistance. There is marketing copy below, feel free to share this with the small businesses in your networks.

Need CPA Help Put it on our tab

CPAs are standing by to help assist small businesses make the best use of the Payroll Protection Program (PPP) second draws and the Employee Retention Tax Credit for 2020 and 2021. The Chambers Reach program and the Business Health Trust are excited to sponsor accounting consulting services for small businesses to help navigate and strategize around these two government funding options.

Who qualifies for CPA assistance?

Any business in the region with 100 employees or fewer who needs accounting assistance for the two programs listed above.

What to do?

Email leighj@www.seattlechamber.com and she will connect you with a CPA from Clark Nuber

NON-PROFIT PPP ASSISTANCE:

  • All Non-Profits: 501commons.org is offering one-on-one help for non-profits who need some help getting through the PPP process.
  • 501c(6) Specific Non-Profits:  If you are a 501c(6) organization that is applying for PPP and have questions about the process, the Chambers Contract CFO Sarai Childs is at your service. She has experience with the PPP process and can share her expertise with you. If you are interested in setting up a meeting, please fill out this form.

FIND A LENDER:

Below is a list of Chamber members who are processing PPP applications. You can also visit  sba.gov/lendermatch or smallbizhelpwa.com/lenders to find a lender near you.

Processing new applications for PPP loans for existing customers:

  • Alaska USA Federal Credit Union
  • Banner Bank
  • BECU
  • Columbia Bank
  • Homestreet Bank
  • KeyBank
  • National Development Council
  • PNC Bank
  • Seattle Credit Union
  • The Commerce Bank of Washington (Division of Zion’s Bancorp)
  • Washington Business Bank
  • Umpqua Bank
  • US Bank

Processing PPP loans for businesses without a pre-existing customer relationship:

  • Alaska USA Federal Credit Union
  • Seattle Credit Union (limited capacity)
  • The Commerce Bank of Washington (Division of Zion’s Bancorp)
  • Umpqua Bank
  • US Bank

Will be processing PPP loans for businesses that come on as new customers:

  • BECU: As a credit union, they are regulated by memberships. You must have a business membership in order to have a business loan. They encourage those who are not current business members to visit their business membership page to review their membership application and requirements.
  • KeyBank: Will process PPP loans for prospects that wish to transition their primary operating deposit account to the bank prior to applying.

*If you would like your bank to be added to the above list, please email leighj@www.seattlechamber.com

ADDITIONAL RESOURCES:

Get more insight into the Payroll Protection Program (PPP) second draws and the Employee Retention Tax Credit (ERC) Check out these resources:

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