4/23 3p: U.S. Rep. Pramila Jayapal CARES Act Workshop

Magnolia Chamber of Commerce 4/20

Congresswoman Pramila Jayapal CARES Act Workshop, Thursday, April 23, 2020 3:00pm-4:00pm PDT

Pre-Register for Zoom meeting.

(You will submit your name and email address at this link along with any questions or comments.  Once you register, you will receive an email with a link to join by device as well as phone numbers if you prefer to join by phone.)

U.S. Congresswoman Pramila Jayapal, who represents Magnolia and the 7th Congressional district, reports that she has received many constituent calls about existing CARES Act relief programs.  During the workshop this coming Thursday, the Congresswoman will take your feedback and answer your questions about these programs, and what to anticipate in the next phase in the economic relief effort should look like. 

Congress is expected to vote as early as this coming Wednesday, April 22nd,  to infuse an additional $300 billion into the Paycheck Protection Program. She will discuss her specific proposal for a Paycheck Guarantee Act that proposes the most direct and streamlined relief to small businesses and the workers they employ. Learn more during the briefing; it is anticipated that the final bill voted on this week will include some of the measures offered by Congresswoman Jayapal.

National Small Business Town Hall – Friday April 24th at 9am

Magnolia Chamber of Commerce 4/20

Small Business Relief – Paycheck Protection Program expected to benefit. Join National Small Business Town Hall on Friday, April 24th at 9:00 am (PT)

The U.S, House could meet as soon as this Wednesday morning, April 22, to consider an expected deal to provide about $300 billion of additional money to the Paycheck Protection Program, a part of the Cares Act. The Trump Administration reports that they are hopeful that an agreement with Democratic congressional leaders will be reached early this week.

In anticipation of Congressional action to reinvest in protecting small business from the impacts of the COVID-19 response, our members may want to access a virtual workshop offered by the U.S. Chamber of Commerce. On Friday, April 24 at noon ET (9:00 am, PT), Inc. and the U.S. Chamber will team up again for a fifth virtual National Small Business Town Hall to help small business owners alike navigate the programs that are available to them. Learn more on how to RSVP by clicking here.

Private Companies Grants & Loans

Magnolia Chamber – 4/9/20

There are a growing number of private sector companies, stepping up and offering specific loans, grants, and relief funds and information to assist small businesses:

Wefunder has funded ~$130M in hundreds of small businesses from over 400,000 investors. If your business has customers who care, Wefunder can help. Or, if there’s a small business you care about, nominate them for funding. In March, as the stock market has fallen, investments have doubled on Wefunder. People want to support the businesses they care about. Wefunder allows for investments (or loans) as small as $100 into the businesses that investors support. Typically, half of the funds come from a company’s own customer base, with the other half from the Wefunder investor-base. Wefunder says they then do the work of collecting funds and send you one wire when it’s over.

This site is full of information, tips, and inspiration to help guide small businesses through the crisis. As part of the company’s commitment to supporting small businesses, they are creating Salesforce Care Small Business Grants. They have announced that they will soon be offering $10,000 grants to U.S. small businesses to provide capital to help them weather this crisis. International small business support will be announced soon. Learn more about Salesforce Care Small Business Grants.

Hello Alice
Team Alice has launched a central resource hub for small business information and support during the COVID-19 pandemic. Funding, technology, and informational resources have, and are being created and shared daily. Hello Alice aims to ensure small business owners have the opportunities at their disposal to keep the business operating during this turbulent time. 

PayPal Working Capital
PayPal Working Capital is available to select businesses that already process payments through PayPal. If your business qualifies, the lender reviews your PayPal sales history to customize a special offer.

James Beard Foundation Food and Beverage Industry Relief Fund
To help bring swift economic relief to these essential businesses, the Foundation is launching a fund that will be gathering support from corporate, foundation, and individual donors to provide micro-grants to independent food and beverage businesses in need

Student Loans: Coronavirus and Forbearance Info for Students, Borrowers, and Parents

StudentAid.gov – 4/8/20

We at the U.S. Department of Education (ED) office of Federal Student Aid are actively monitoring the new coronavirus/COVID-19 outbreak.

On March 27, 2020, the president signed the CARES Act into law, which, among other things, provides broad relief for federal student loan borrowers. Below we have answered questions about several provisions of the Act. Questions that have been added or updated are identified with “NEW” or “UPDATED” before each question.

If you’re concerned about your studies or loan repayment, we can help you understand what to do in certain circumstances. We’ll be adding information for students, borrowers, and parents to this page on a regular basis, so please check back frequently.

Your payments will automatically stop from March 13, 2020, through Sept. 30, 2020.

To provide relief to student loan borrowers during the COVID-19 national emergency, federal student loan borrowers are automatically being placed in an administrative forbearance, which allows you to temporarily stop making your monthly loan payment. This suspension of payments will last until Sept. 30, 2020, but you can still make payments if you choose. Read the borrower Q&As below to learn more.

Student Questions

What if my campus has closed due to the coronavirus? Will I be able to finish the term and keep my federal student aid?

Please contact your school. Many institutions are making arrangements (such as take-home assignments or online classes) so students can complete the term.

If my campus is closed or offering only online instruction, will I still get paid for the hours I am unable to work for my Federal Work-Study job?

If you’re unable to work your scheduled hours because of coronavirus-related disruptions (such as school or employer closures or student quarantines), your school may pay you for any scheduled hours or allow you to work by another means—for example, completing work online or remotely, depending on the job. Contact your school for more information.

My parents can’t go to their jobs because of the coronavirus, and they don’t get paid if they don’t work. Their unemployment means my financial need has increased. Can I get more financial aid?

Talk to the financial aid office at your school. They have flexibility to work with students to ensure the students are able to stay in school.

Someone in my family has the coronavirus, so our whole family has self-quarantined, and I can’t attend classes. How can I keep up in school, so I don’t fail classes and lose my financial aid?

We encourage you to contact your school’s financial aid office, as well as your academic advisor/coach or program coordinator, for additional guidance about your financial aid situation. Your school can tell you your options for continuing in your program of study. Additionally, if you need to take a leave of absence as a result of the coronavirus outbreak, you should speak with your school’s financial aid office.

Many schools have provided detailed coronavirus-related decisions and guidance for students. We encourage you to check your school’s website and verified social media accounts for resources and the latest information about this rapidly evolving situation.

If my school moves classes online, am I going to get less financial aid?

If your school has moved classes to an online format, you must continue to participate in the course work and follow your teacher’s or professor’s instructions to remain eligible for financial aid. If you have questions about the online format, contact your school.

How do I contact my school’s financial aid office if the school is closed?

Check your school’s website for resources and contact information. Your school’s verified social media accounts also may be a good source for the latest information about how to contact your school during this time. While many schools have transitioned face-to-face courses to online instruction, most remain open and available to assist their students with questions.

Borrower Questions

Questions About the 0% Interest Period

UPDATED: Interest is being temporarily set at 0% on federal student loans. Which loans does the 0% rate apply to?

From March 13, 2020, through Sept. 30, 2020, the interest rate is 0% on the following types of federal student loans owned by ED:

  • Defaulted and nondefaulted Direct Loans

  • Defaulted and nondefaulted FFEL Program loans

  • Federal Perkins Loans

Please note that some FFEL Program loans are owned by commercial lenders, and some Perkins Loans are owned by the institution you attended. These loans are not eligible for this benefit at this time.

How can I take advantage of this 0% interest period if I have Federal Family Education Loan (FFEL) Program and Federal Perkins loans not owned by ED?

While your lender or school can provide these benefits should it choose to do so, you can consolidate your FFEL Program or Federal Perkins loans not owned by ED into a Direct Consolidation Loan, which would be eligible for 0% interest. However, if you consolidate, after the 0% interest rate period ends, the interest rate on your loan may be higher than what you are currently paying. In addition, when you consolidate, any outstanding interest will capitalize, meaning that any outstanding interest is added to your principal balance. Your servicer can provide you with information about how your loan balance, interest rate, and total amount to be paid would change if you consolidated into a Direct Consolidation Loan.

Who can tell me if my loans will have their interest rate temporarily reduced to 0%?

Contact your loan servicer online or by phone to determine if your loans are eligible. Your servicer is the entity to which you make your monthly payment. If you do not know who your servicer is or how to contact them, visit StudentAid.gov/login or call us at 1-800-4-FED-AID (1-800-433-3243; TTY for the deaf or hearing-impaired 1-800-730-8913) for assistance.

If my loans are owned by ED, do I need to do anything for the interest on my loans to be set at 0%?

No, ED will automatically adjust your account so that interest doesn’t accrue (i.e., accumulate). The account adjustment will be effective March 13, 2020.

UPDATED: If I make loan payments during the 0% interest period, how will they be applied?

During the period of 0% interest (March 13, 2020, through Sept. 30, 2020), the full amount of your payments will be applied to principal once all the interest that accrued prior to March 13 is paid.

UPDATED: Are private student loans eligible for the 0% interest benefit?

No. ED does not have legal authority over private student loans, and they are not covered by the CARES Act.

Questions About the Forbearance (Temporary Suspension of Payments)

UPDATED: I understand that my loans will be placed in administrative forbearance, temporarily suspending my monthly payments. How long will the administrative forbearance last?

The administrative forbearance will last from March 13, 2020, through Sept. 30, 2020.

NEW: If I’m currently in an income-driven repayment (IDR) plan, will my suspended payments count toward IDR forgiveness?


NEW: Will suspended payments count toward Public Service Loan Forgiveness (PSLF)?

If you have a Direct Loan, were on a qualifying repayment plan prior to the suspension, and work full-time for a qualifying employer during the suspension, then you will receive credit toward PSLF for the period of suspension as though you made on-time monthly payments.

NEW: What will happen to my regular auto-debit payments if I do nothing?

Auto-debit payments are suspended during the administrative forbearance. Any auto-debit payments processed between March 13, 2020, and Sept. 30, 2020, can be refunded to you. Contact your loan servicer to request that your payment be refunded.

If you don’t want an administrative forbearance and want to continue making payments, contact your loan servicer to opt out of the administrative forbearance, and your auto-debit payments will resume.

You also have the option to remain in the administrative forbearance and make manual (i.e., not auto-debit) payments during the administrative forbearance period. Visit your loan servicer’s website to make a payment, or contact your loan servicer for more information.

NEW: If I made a payment after the president signed the CARES Act on March 27, 2020, can I receive a refund?

Yes; any payment you made during the administrative forbearance period (March 13, 2020, through Sept. 30, 2020) can be refunded. Contact your loan servicer to request that your payment be refunded.

NEW: If I’m trying to rehabilitate my defaulted student loan, will my suspended payments count toward my rehabilitation?


UPDATED: How will I know when I will have to start making payments again?

The 0% interest period and administrative forbearance is currently set to expire on Sept. 30, 2020. Your servicer will contact you, no later than in August, to remind you that you will need to start making payments again. Make sure your contact information is up to date in your loan servicer account profile.

UPDATED: What if I want to continue making payments?

If you wish to continue paying your loans during the administrative forbearance period, or to pay more or less than your regular payment amount, you are free to do so. Contact your loan servicer or visit your servicer’s website to make a payment or to find out how you can continue or start auto-debit payments. Continuing to make payments during the administrative forbearance could help you pay down your loan balance more quickly because the full amount of a payment will be applied to principal once all interest accrued prior to March 13, 2020, is paid.

If you continue making regular payments but then experience a change in income, please contact your loan servicer as soon as possible to discuss options, such as enrolling in an income-driven repayment plan to lower your payments or opting in to the administrative forbearance that ends Sept. 30, 2020.

What if I want to continue making a partial payment while my loan is in forbearance?

As long as you are in forbearance, you will not be penalized for making a payment that is less than your usual monthly payment. Meanwhile, you still have the option to make a payment on your loan to make progress toward reducing your balance. Contact your loan servicer or visit your servicer’s website to make a payment or to find out how you can continue or start auto-debit payments.

Questions About Defaulted Loans

UPDATED: On March 25, 2020, ED announced that my federal tax refund would not be withheld to repay my defaulted federal student loan debt. My refund has already been taken. Will I get it back?

Yes, but only if your federal tax refund was in the process of being withheld—on or after March 13, 2020, and before Sept. 30, 2020—for the repayment of a defaulted federal student loan.

Your federal tax refund will not be returned to you if the process to withhold your refund was completed before March 13, 2020.

If you have questions about whether your federal tax refund was withheld, call ED’s Default Resolution Group at 1-800-621-3115 (TTY for the deaf or hearing-impaired 1-877-825-9923).

UPDATED: On March 25, 2020, ED announced that a portion of my Social Security payment, including disability benefits, would not be withheld to repay my defaulted federal student loan debt. My Social Security payment has already been taken. Will I get it back?

Yes. The portion of your Social Security payment that was taken will be returned to you if your payment was in the process of being withheld—on or after March 13, 2020, and before Sept. 30, 2020—for the repayment of a defaulted federal student loan.

The portion of your Social Security payment that was withheld will not be returned to you if the process to withhold it was completed before March 13, 2020.

If you have questions about whether your Social Security payment was withheld, call ED’s Default Resolution Group at 1-800-621-3115 (TTY for the deaf or hearing-impaired 1-877-825-9923).

UPDATED: On March 25, 2020, ED announced that my wages would not be garnished, but money is still being taken from my paycheck. What should I do?

Your human resources department will receive a letter from ED instructing them to stop your wage garnishment. If ED receives funds from a garnishment between March 13, 2020, and Sept. 30, 2020, we will refund your garnished wages.

UPDATED: On March 25, 2020, ED announced that Department-contracted private collection agencies stopped making collection calls and sending letters or billing statements. What should I do if I want to continue the payment arrangements I started before ED’s announcement?

You can continue your payment arrangement related to your defaulted federal student loan. Private collection agencies have been instructed to not make collection calls and not accept auto-debit payments from March 13, 2020, through Sept. 30, 2020. However, private collection agencies are available to assist you if you reach out to them during this period. To be connected to your private collection agency to continue your current payment arrangement, call ED’s Default Resolution Group at 1-800-621-3115 (TTY for the deaf or hearing-impaired 1-877-825-9923).

On March 25, 2020, ED announced that Department-contracted private collection agencies stopped making collection calls and sending letters or billing statements. What should I do if I want to consolidate my defaulted federal student loans or start a loan rehabilitation arrangement now?

To consolidate, or to start a loan rehabilitation arrangement related to your defaulted federal student loans, call ED’s Default Resolution Group at 1-800-621-3115 (TTY for the deaf or hearing-impaired 1-877-825-9923) for assistance.

UPDATED: Will my defaulted loan accrue interest?

Defaulted loans owned by ED will not accrue interest from March 13, 2020, through Sept. 30, 2020. That includes Direct Loans and FFEL Program loans owned by ED. Read the Q&As above to learn more about the 0% interest period.

General Loan Questions

UPDATED: I’m currently on an income-driven repayment plan. I’m unemployed because of the coronavirus outbreak and don’t know when my income will return to the same level. What can I do?

You are automatically being placed in an administrative forbearance that allows you to stop making your payments from March 13, 2020, through Sept. 30, 2020.

If you are on an IDR plan and your income has changed significantly, you can update your information and get a new payment amount based on your current income. To do so, visit StudentAid.gov/idr, click on “Apply Now,” and then start the application by clicking on the button next to “Recalculate my monthly payment.” After the administrative forbearance ends on Sept. 30, 2020, your monthly payments will resume at the new amount.

If you would like to enroll in an IDR plan for the first time, visit StudentAid.gov/idr, click on “Apply Now,” and then start the application.

This Q&A contains general statements of policy under the Administrative Procedure Act issued to advise the public prospectively of the manner in which the U.S. Department of Education (ED) and Federal Student Aid (FSA) propose to exercise their discretion as a result of and in response to the lawfully and duly declared COVID-19 pandemic national emergency. ED and FSA do not intend for this Q&A to create legally binding standards affirmatively determining any member of the public’s legal rights and obligations for which noncompliance may form an independent basis for action.

Federal Government Websites for Additional Information

Here are some sites that you or your school may find useful:

HomeStreet Bank *accepting new* Small Business account clients

Kimberly Berry – 4/8/20

I just wanted to reach out and let our communities know that our financial institution HomeStreet Bank is accepting new Small Business account clients in order to help them navigate through the Payroll Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL).

Many banks have hit their “limits” on the applications they are accepting, but we are HomeStreet are dedicated to helping our neighbors.

Business owners need to get this money in order to keep their people paid, and keep their business afloat.  Many cannot wait until their own bank figures this out.  But we are ready to serve those clients now.

If you know of any small businesses that are struggling to get their applications processed, we would be happy to help. 

Feel free to pass on my contact info to anyone who may need assistance.

Stay safe,

Kimberly Berry
Vice President / Manager
NMLS: 1788661

Direct: 206.519.3000
Fax: 206.519.3012
Toll Free: 800.719.8080

University Retail Office
5001 25th Ave Ne, Suite 100
Seattle, WA 98105

Facebook Grants for Small Businesses



On April 2nd, Facebook announced new updates to its small-business grant program, including $40 million in grants for small businesses, with a special focus on Seattle-based businesses. 

Eligible businesses include the following requirements: 

  • Have between 2 and 50 employees

  • Have been in business for over a year

  • Have experienced challenges from COVID-19

  • Be in or near a location where Facebook operates

The grants will go to 10,000 U.S. small businesses in 34 locations that Facebook employees live and work. Importantly, businesses in New York and Seattle will be the first to receive funds starting next week.

Facebook says it’s also collaborating with small-business partner Ureeka to invest in eligible minority and women-owned businesses. Local businesses can go to facebook.com/grantsforbusiness to check their eligibility. 

CARES Act: Applications open TODAY 4/3 + other updates


The Magnolia Chamber of Commerce has been using our website, emails and social media to connect our small businesses members with resources related to the CARES Act and the Small Business Administration (SBA) loan and grant relief programs during this difficult time. 

Please note that as of Thursday, April 2nd, SBA has finalized guidance for the highly anticipated Paycheck Protection Program (PPP). Although the early release of documents from the U.S. Treasury states that applications open TODAY – April 3, please note that SBA lenders are receiving this information at the same time. As such, many of the SBA lenders (shareable PDF attached), may not be able to answer questions and immediately accept their first applications as of tomorrow. 

Just updated on the website are new financing pages that link from www.sba.gov/coronavirus. As you can see from the screenshot below, it’s a nice summary of funding options. Because there are so many moving parts, many are recommending the directing applicants to www.sba.gov/coronavirus any new info will link up from there. We also strongly encourage you to contact your banker.


Magnolia Chamber of Commerce members

  • Key Bank National Association 1301 Fifth Ave., 24th floor Carrie Callaway Cardy | (425) 208-1098 | carrie_callaway_cardy@keybank.com

  • US Bank | Brenda Brown-Wright (253) 859-7141 | brenda.brownwright@usbank.com Allison Mann | (425) 637-2498 | allison.mann1@usbank.com

Other Seattle banks

  • Bank of the West | 1191 Second Ave., suite 120 | Robert Barr | (206) 496-3130 | robert.barr@bankofthewest.com

  • Banner Bank | 1000 Second Ave., suite 1580 | Robin Dode | (425) 318-0329 | robin.dode@bannerbank.com

  • Business Impact NW | 1437 S. Jackson | Roland Chaiton | (206) 324-4330 x111 | rolandc@businessimpactnw.org

  • Columbia Bank | Scott Bossom | (503) 279-3184 | sbossom@columbiabank.com

  • First Interstate Bank | 600 University St. Donna Bowlby (206) 757-2974 | donna.bowlby@fib.com

  • First Sound Bank | 925 Fourth Ave., suite 2350 Steven Evans | (206) 436-2055 | sevans@firstsoundbank.com

  • HomeStreet Bank | 601 Union St. | (206) 254-7280 | sba@homestreet.com

  • JPMorgan Chase Bank | 1301 Second Ave., 25th floor Yana Rogers | (206) 919-8822 | yana.rogers@chase.com

  • Mountain Pacific Bank | 2244 NW 56th St. | Dave Bruder (206) 397-1241 | dbruder@mp.bank Greg Swanson (206) 397-1241 | gswanson@mp.bank

  • NDC Grow America Fund 1218 Third Ave., suite 1403 Sheldon Bartel | (614) 499-0476 | sbartel@ndconline.org

  • SaviBank | Dean Watanabe (503) 307-9148 | dwatanabe@savibank.com

  • Charles Wheaton | (425) 227-4714 | charles.wheaton@usbank.com

All Washington State banks – PDF


Washington Federal Bank Magnolia Branch – update regarding Lobby access

In response to the Covid 19 CDC recommendations, we are Open, but our lobby is temporarily closed.  We are available to assist customers over the phone, via the Night Drop and ATM, however, for transactions that require currency above the ATM daily limit, our drive thru at the Ballard location is available during regular business hours.


Karen Hlinka

AVP/Branch Manager

NMLSR #636334 

Magnolia Branch

3219 W. McGraw St., Seattle, WA  98199

Office:    206-284-5171


Economic Injury Disaster Loans for Small Businesses

The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to Washington small businesses suffering economic injury as a result of COVID-19. Loan amounts are up to $2 million and long-term repayment terms are available. The interest rate is 3.75 percent for small businesses and 2.75 percent for private nonprofit organizations.

More details are available https://www.sba.gov/funding-programs/disaster-assistance or on the city of Seattle’s Office of Economic Development site.

OED is also providing assistance to businesses applying for these loans, including helping them navigate the application process and assemble the required documents. Businesses interested in these services should call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information. OED staff will reach out within one business day. If a business needs assistance completing the intake they can call OED directly at (206) 684-8090.