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COVID-19 Updates for Businesses

Your opinion helps us build better support and offer more meaningful resources to our community. Please take a few minutes and let us know how things are going for your business. We really appreciate it! If you have already taken our survey, feel free to have another go- this one is updated with more specific questions! Survey closes Monday, 4/6 at 10 pm.

Vashon Business Survey

Webinars/Virtual Meetings (Week of 3/30)

April 2- SBA Loans, Paycheck Protection Program
9 am - 9:45 am

April 4 - Island-Wide Town Hall
10 am - 11:30 am

Weekly (Ongoing) - Vashon Business Support Network

Updates (4/1/2020)

Payroll Protection Program updates

On Friday, March 27, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law. The $2.2 trillion stimulus package aims to provide comprehensive relief to individuals and businesses following the unprecedented impact of COVID-19 on our economy and our communities.

Who is this for?

  • The Paycheck Protection Program of the CARES Act provides relief primarily to businesses and nonprofits with up to 500 employees.
  • To be eligible, a business must have been substantially impacted by COVID-19 and in operation as of February 15, 2020.
  • Business must certify that the funds will be used for approved purposes and that they are not receiving assistance for these items from another source
  • Available relief funds equals 2.5 x monthly payroll.
  • PPP funds must be used within 8 weeks of issuance and use to cover payroll costs, mortgage, rent, and utilities to qualify for forgiveness.
  • PPP funds require no collateral, guarantee or application fee

Banks are administering the Paycheck Protection Program (PPP).  Below is a quick list of things you can be doing now to be prepared:

  • CONTACT YOUR BANKER
  • Calculate your eligible monthly payroll, includes wage/salary and employer-paid health insurance (last 12-month period divided by 12 = 1 month):
    • Determine which employees are paid more than $100,000 per year (PPP payroll cap)
    • Calculate the total payroll for employees paid during the applicable base period, excluding amounts paid above a prorated annual salary of $100,000.
  • Gather documentation on your business’s:
    • Payroll  (IRS Form 941)
    • Mortgage
    • Rent
    • Utility payments for the previous 12-month period
  • Property tax deadline extended to June 1, 2020
  • King County B&O excise tax due dates extended
    • Monthly filers: Request an extension for paying tax returns (even if the request is after the due date) by sending a secure email in your My DOR account or by calling Revenue’s customer service at 360-705-6705, Monday through Friday 8 a.m. to 5 p.m.
    • Quarterly filers: The Quarter 1, 2020 return is now due June 30, 2020
    • Annual filers: The Annual 2019 return is now due June 15, 2020

Update your chamber listing with your response to COVID-19! 

The Chamber of Commerce realizes that restaurants are not the only businesses suffering as a result of the pandemic. We want to acknowledge every business's response. We are encouraging all businesses to update their listings with their own response, hours, etc. Not sure how? Follow this link for detailed instruction.