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

Economic Options for Businesses – MAGNOLIA CHAMBER Zoom Call

NEW: CARES Act Zoom forum Follow-Up


Zoom Call Thursday, April 9th at 1pm.

We will be hearing from the experts on Small Business Administration (SBA) resources to assist small businesses during the “stay home, stay healthy” orders and the role of the Seattle Office of Economic Development (OED). In particular, we will focus on the ins and outs of the four specific elements of the CARES Act that addresses small business concerns. We will also hear from one of the authorized lending institutions and how best to work with the designated banks to access the pertinent programs.

  • Economic Injury Disaster Loan and Loan Advance

  • SBA Express Bridge Loans

  • Paycheck Protection Program

  • SBA Debt Relief

Our speakers will include:

  • Andrew J. Lewis, Seattle City Councilmember

  • AJ Cari, Office of Economic Development

  • Tom Powell, KeyBank

Make sure to register here even if you are unsure if you can make that time. That way we can share a video recording after the event. We still would encourage you to attend live to get valuable information right away.

We will also be taking questions in advance to make sure the call covers what you want to hear most. You can submit your question up until 9am that day by emailing it to us here.

Check out our new Business Resources and Shop Local pages on our website.

We also invite members to connect with Jason Thibeaux, our Executive Director, with questions or info to share.

All local businesses – send us updates

  1. Brief update for Shop Local list page (hours, COVID-19 changes)
  2. Longer message we’ll post on our COVID-19 Blog

Essential reading on our website:

* COVID-19 Blog
* Shop Local updates for consumers
* Small Business Resources page
* Member Directory


Find us online

Website | Facebook | Instagram

Executive Director
Jason Thibeaux

Plate Fund to Support Hard Hit Restaurant Workers – Seattle Foundation

The Seattle Foundation Announces The Plate Fund to Support Hard Hit Restaurant Workers

The Seattle Foundation has established The Plate Fund to support hard hit restaurant workers. Social distancing restrictions of the state’s COVID-19 response has severely impacted our Magnolia restaurants. The Plate Fund provides immediate $500 grants to restaurant workers to keep them on their feet until they are back to work and more relief comes in through the various federal relief programs. Eligibility requirements include:

  • You are a restaurant and/or food service worker broadly defined. This includes bus-ers, barbacks, bartenders, servers, food truck employees, cafe attendants, and more positions as enumerated on the website.

  • You earn $62,000 or less a year.

  • You can demonstrate loss of hours or a lay off as a result of COVID-19.    

The grant is without lots of extra requirements or limitations; the $500 can be used to cover any expenses. Restaurant workers can apply for the immediate relief at this link.

To learn more, read the following April 6th Seattle Times article.

For those who can, please support hard hit restaurant workers who urgently need support. Please use this link to donate today.

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 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 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 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 |

  • US Bank | Brenda Brown-Wright (253) 859-7141 | Allison Mann | (425) 637-2498 |

Other Seattle banks

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

  • Banner Bank | 1000 Second Ave., suite 1580 | Robin Dode | (425) 318-0329 |

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

  • Columbia Bank | Scott Bossom | (503) 279-3184 |

  • First Interstate Bank | 600 University St. Donna Bowlby (206) 757-2974 |

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

  • HomeStreet Bank | 601 Union St. | (206) 254-7280 |

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

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

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

  • SaviBank | Dean Watanabe (503) 307-9148 |

  • Charles Wheaton | (425) 227-4714 |

All Washington State banks – PDF


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 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 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.

WAFD Bank Small Business Lifeline Loan

Washington Federal Bank

From Karen Hlinka 3/30

WAFD Banks recently launched Small Business Lifeline loan program in response to the Covid10 outbreak and the effect it is having in our community.  Please feel free to pass it along to Business owners, who feel this could be of benefit.  I am available for questions, etc.

Take care and stay safe and healthy!

Karen Hlinka
AVP/Branch Manager
NMLSR #636334

CARES ACT and Small Business – all the details you need, in a nutshell

Small businesses, including those eligible in Magnolia, received a $370 billion lifeline in the $2 trillion Coronavirus Aid bill approved Friday by the U.S. House of Representatives, and signed into law by President Donald Trump. The largest stimulus in U.S. history, the bill includes relief for taxpayers, the unemployed, and large corporations as well as small businesses.

For an excellent synopsis and for printing and available as a working resource, click here.

We strongly urge all small businesses who are interested in learning more and taking advantage of this unprecedented stimulus and relief package to work with your bank to explore how to best proceed.

Loans Under Paycheck Protection Program (Section 1102)

Section 1102 of the CARES Act provides $350 billion for expedited individual loans up to $10 million through approved lenders that are guaranteed 100 percent by the U.S. government. 

The loan proceeds can be used to:

  • Cover payroll support, such as employee salaries, paid sick or medical leave, insurance premiums, and mortgage, rent, and utility payments incurred from February 15, 2020, through June 30, 2020.

  • The maximum amount of a loan equals 2.5 months of regular payroll expenses (subject to a cap of a $100,000 of annual salary per employee).  

Benefits for Borrowers:

Borrowers are eligible for loan forgiveness equal to the amount spent by the borrower during an eight week period after the origination date of the loan on payroll costs, interest payment on any mortgage incurred prior to February 15, 2020, payment of rent on any lease in force prior to February 15, 2020, and payment on any utility for which service began before February 15, 2020. 

Borrower and lender fees are waived. 

Collateral and personal guarantee requirements are waived.  The maximum interest rate is four percent and loan maturity can be as long as 10 years. 

No prepayment fees will be charged.  Loan payments can be deferred for 6-12 months.

Benefits for Lenders:  Allows loans to be sold on the secondary market.  Provides the regulatory capital risk weight of loans made under this program, and temporary relief from troubled debt restructuring (TDR) disclosures for loans that are deferred under this program. Lender compensation for servicing the loan is five percent for loans of not more than $350,000; three percent for loans of more than $350,000 and less than $2,000,000; and one percent for loans of not less than $2,000,000.

Eligible businesses include:

  • Businesses with fewer than 500 employees.

  • Small businesses as defined by the Small Business Administration (SBA) Size Standards at 13 C.F.R. 121.201.

  • 501(c)(3) nonprofits, 501(c)(19) veteran’s organization, and Tribal business concern described in section 31(b)(2)(C) of the Small Business Act with not more than 500 employees.

  • Hotels, motels, restaurants, and franchises with fewer than 500 employees at each physical location without regard to affiliation under 13 C.F.R. 121.103.

  • Businesses that receive financial assistance from Small Business Investment Act Companies licensed under the Small Business Investment Act of 1958 without regard to affiliation under 13 C.F.R. 121.10.

  • Sole proprietors and independent contractors.

Application Process:

Current lenders through the Small Business Administration 7(a) are authorized to make determinations on borrower eligibility and creditworthiness without going through the SBA.  These lenders can be found here. For eligibility purposes, lenders will not be determining eligibility based on repayment ability, but rather whether the business was operational on February 15, 2020, and had employees for whom it paid salaries and payroll taxes, or a paid independent contractor.


The SBA is required to issue implementing regulations within 15 days and the U.S. Department of Treasury will be approving new lenders.

Economic Injury Disaster Loans (Section 1110)

Section 1110 of the CARES Act expands the types of entities eligible to receive up to $1.5 million in direct loans from the Small Business Administration and loan guarantees for substantial economic injury caused by the COVID-19 pandemic.

Substantial economic injury is such that a business concern is unable to meet its obligations as they mature or to pay its ordinary and necessary operating expenses.

The loan proceeds may be used for working capital necessary to carry your concern until resumption of normal operations, expenditures necessary to alleviate the specific economic injury, providing paid sick leave to employees, maintaining payroll, meeting increased costs to obtain materials, making rent or mortgage payments and repaying obligations that cannot be met due to revenue losses.

New Eligible Entities:

  • Any business with fewer than 500 employees.

  • Tribal businesses as defined by 15 U.S.C. 657a(b)(2)(C) with fewer than 500 employees.

  • Cooperatives with fewer than 500 employees.

  • ESOPs as defined by 15 USC 632 with fewer than 500 employees.

  • Individuals operating as a sole proprietor or an independent contractor during the covered period (January 31, 2020 to December 31, 2020).

Other Eligible Entities:

  • Small businesses as defined by the Small Business Administration Size Standards at 13 C.F.R. 121.201.

  • Private non-profits with exemptions under sections 510(c), (d) or (e) of the Internal Revenue Code.

Application Process:

The loan form is found at:

CARES Act flow chart

Click image below to enlarge; click here for PDF.