Help available for businesses even after federal programs run out of cash

RICHLAND, Wash.-- As state-wide numbers of new coronavirus cases and deaths start leveling off, more and more state leaders and business owners anticipate receiving information from Gov. Jay Inslee about when the economy will re-open.

While they're waiting, many business and restaurant owners are also looking for the help that was promised when they were told in March to dial back their businesses or close altogether as part of Inslee's Stay Home Stay Safe order.

"The Small Business Association (SBA) has run out of funds for PPP (Payroll Protection Program) and EIDL (Economic Injury Disaster Loan), although we are waiting for an infusion to come from Congress hopefully any day this week. So, those funds should see additional funding. Those who already had applications in that are pending should receive notification at that time," said Mandy Wallner, Marketing Specialist for the city of Richland.

If you don't receive a notification through the SBA, you do have other options. The city of Richland has a web page devoted to providing business owners with information about local and state resources that are available.

Wallner recommends saving all receipts for any expenses that you've incurred related to COVID-19 restrictions, and track your loses to take advantage of tax benefits at the end of the year. You can also talk to your accountant or banker about taking advantage of 50% payroll tax deductions now.

"And then start making a re-open plan," Wallner said. "We all know that it's probably going to be something in a phased approach, so get those plans in place so that they can work on that phased open in case people maybe aren't out in full force. So they may not need all of their expenses up front like normal."

So far, the Governor's Office hasn't released any specific information about the timing of the re-opening of the economy, or what businesses might first receive the green light.