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Seattle – Creation of Small Business Fund

Agency / Department: Seattle

Resource: Creation of Small Business Fund

Details: Seattle Mayor Jenny A. Durkan announced a $2.5 million City of Seattle fund to invest directly in small businesses financially impacted by COVID-19. The fund is an expansion of the Office of Economic Development’s (OED) Small Business Stabilization Fund, which the Mayor created to support small businesses whose operations were jeopardized by a destabilizing event. Eligible small businesses will receive a grant of up to $10,000 to mitigate revenue lost by COVID-19. Mayor Durkan formally signed an Executive Order to provide immediate relief for small businesses impacted by COVID-19. Actions include the ability to defer B&O taxes and utility payments, direct technical assistance with SBA loans, and the creation of the Small Business Recovery Task Force to advise on long-term policy recommendations.(3/12)

Link: https://durkan.seattle.gov/2020/03/mayor-durkan-announces-1-5-million-fund-to-invest-directly-in-small-businesses-impacted-by-covid-19/

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