Small Business
Size Standard Change

Small Business Administration (SBA) Loan Assistance Program (offered nationwide)

Coronavirus (COVID-19): Small Business Guidance & Loan Resources                      https://www.sba.gov/


SBA Offers Disaster Assistance to Washington Small Businesses Economically Impacted by the Coronavirus (COVID-19) 

?The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to Washington small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19), SBA Administrator Jovita Carranza announced today. SBA acted under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, to declare a disaster following a request received from Gov. Jay Inslee on March 13, 2020.

The disaster declaration makes SBA assistance available in Adams, Asotin, Benton, Chelan, Clallam, Columbia, Franklin, Garfield, Grays Harbor, Island, Jefferson, King, Kitsap, Kittitas, Klickitat, Lewis, Lincoln, Mason, Okanogan, Pacific, Pierce, San Juan, Skagit, Skamania, Snohomish, Spokane, Thurston, Wahkiakum, Walla Walla, Whatcom, Whitman and Yakima counties in Washington; Benewah, Latah and Nez Perce counties in Idaho; and Gilliam, Hood River, Morrow, Sherman, Umatilla and Wasco counties in Oregon.

“SBA is strongly committed to providing the most effective and customer-focused response possible to assist Washington small businesses with federal disaster loans. We will be swift in our efforts to help these small businesses recover from the financial impacts of the Coronavirus (COVID-19),” said Administrator Carranza.

SBA Customer Service Representatives will be available to answer questions about SBA’s Economic Injury Disaster Loan program and explain the application process.

“Small businesses, private non-profit organizations of any size, small agricultural cooperatives and small aquaculture enterprises that have been financially impacted as a direct result of the Coronavirus (COVID-19) since Jan. 31, 2020, may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred,” said Carranza.

“These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing,” Carranza added.

Eligibility for Economic Injury Disaster Loans is based on the financial impact of the Coronavirus (COVID-19). The interest rate is 3.75 percent for small businesses. The interest rate for private non-profit organizations is 2.75 percent. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship.

Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. Individuals who are deaf or hard?of?hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The deadline to apply for an Economic Injury Disaster Loan is Dec. 16, 2020.

For more information about Coronavirus, please visit: Coronavirus.gov.

For more information about available SBA resources and services, please visit: SBA.gov/coronavirus.


SAM Update

Legacy SAM Entity-Entered Data

  • Effective 03/28/2020
  • Currently, an entity renewing their registration enters their DUNS number and the validated information from Dun & Bradstreet (D&B) is returned for them to review/accept.
  • Effective with the 03/28/2020 SAM system release, the user will have to type in their entity's full Legal Business Name and physical address.
  • This data will be sent to D&B for validation (as it is today) and separately made available to the future entity validation services provider (Ernst & Young).
  • D&B remains the authoritative source for entity validation until the actual transition date.

Table of size standards

Effective Aug 19, 2019

 
The SBA's table of small business size standards helps small businesses assess their business size.

The table of size standards can also be found online in the small business size regulations set forth in the Electronic Code of Federal Regulations.

You can also check whether your business is small using the size standards tool.

Certain government programs, such as SBA loan programs and contracting opportunities, are reserved for small businesses. In order to qualify, businesses must satisfy SBA's definition of a small business concern, along with the size standards for small business.

What is a small business size standard?

A size standard, which is usually stated in number of employees or average annual receipts, represents the largest size that a business (including its subsidiaries and affiliates) may be to remain classified as a small business for SBA and federal contracting programs. The definition of “small” varies by industry.

How to calculate your small business size

Size standards are mostly based on the average annual receipts or the average number of employees.

More information

For more information about size standards, contact the size standards specialist at your nearest SBA Government Contracting Area Office. You also can contact the Office of Size Standards by email at sizestandards@sba.gov or by phone at 202-205-6618.

Important Notice: Businesses registered in the System for Award Management (SAM.gov) must update their SAM registration in order to have their small business status updated based on the new size standards that became effective on August 19, 2019. Until the SAM registration is updated, the SAM profiles will continue to display the small business status under the old size standards.

Last Updated 03/17/2020 10:16 AM