About The Seattle Small Business Stabilization Fund
In response to the financial impact of COVID-19 on small businesses, the City of Seattle previously committed $2.5 million in federal Community Development Block Grants to create the Small Business Stabilization Fund. After receiving applications by March 25th, the City of Seattle selected 250 eligible small businesses through a lottery and awarded each of them $10,000. The City of Seattle announced the awardees on April 13, 2020, most of which consisted of restaurants, cafes, barbershops, and hair salons. Although the funds have run out, the City of Seattle is currently working to secure funding for a second round of grants.
To receive the first round of grants, small businesses had to meet the following requirements:
- Geographic Location: Businesses had to be located within the Seattle City limits.
- Physical Location: Businesses had to operate out of a physical location within the Seattle City limits.
- Low/Moderate Income: Businesses had to have an income of less than 80% of the area median income.
- Micro-Enterprise Status: Businesses could employ no more than five employees.
- COVID-19 Related Harm: Businesses had to show that they lost income due to COVID-19.
Although these requirements may change in the next round of funding, there is a strong likelihood that at least some of them will remain the same. The City of Seattle has stated that applicants who applied for the first Stabilization Fund and who meet future eligibility requirements need not reapply. Small businesses located in Seattle should continue to monitor the City of Seattle website and the Beresford Booth blog for further updates.