Economic Development
Minimum Wage and Salaries
The Department of Labor & Industries (L&I) announced increases in minimum wage for Washington. The current minimum wage of $13.69 will increase by 80 cents, making the state minimum wage $14.49 per hour, effective as of January 1, 2022. This is a 5.8% increase, and is more than 4 times the increase in 2021, when…
Read MorePause on Roadmap to Recovery
While we expected a new evaluation of movement between phases, the governor announced a pause on the roadmap to recovery. On April 16, Pierce County moved backwards into phase 2. This meant reduced capacity for retail stores, indoor dining, gyms, salons, and more. The capacity limit dropped from 50% capacity permitted in Phase 3 to…
Read MoreRestaurant Revitalization Fund
The SBA is offering a Restaurant Revitalization Fund to provide emergency assistance to qualifying businesses. Qualifying food establishments who have experienced revenue loss due to the pandemic are eligible to apply for grant funds. Awards range from a minimum of $1000 to a maximum of $5 million per location ($10 million max per business.) The…
Read MoreUpcoming Tax Increases
The 2021 Legislature adjourned on Sunday and we will likely see some upcoming tax increases. Capital Gains Tax The Legislature adopted Senate Bill 5096, a 7% capital gains tax for capital gains of $250,000 or more from the sale of stocks and other investments. While this sounds like it is a tax on only the…
Read MoreShort-term Extension of Property Tax
A short-term extension of property tax may be a bit of relief for certain businesses. Businesses that can show a loss of a quarter of their revenues due to Covid can apply for the extension. Additionally, qualifying businesses will not need to pay penalties or interest. To request an extension and a payment plane, be…
Read MoreRoll Back Relief Grants Pierce County
Roll back relief grants are now available to qualifying businesses and non profits. On Friday, April 16, restrictions rolled back to Phase 2 of the Healthy Washington Reopening. That means reducing capacity for indoor activities back down to 25%. These restrictions significantly impact businesses such as restaurants and gyms. Pierce County has created a grant…
Read MoreRisk of Rolling Back to Phase 2
There’s a risk of rolling back to phase 2 this coming Monday. Both the DOH and the governors office expressed concerns about a roll back for 3 counties, including Pierce. The Healthy Washington Roadmap to Recovery plan evaluates risks for each individual county. Measurements will be evaluated on Monday, April 12, and any change in…
Read MoreTax Credit Up to $33,000
How does a Tax Credit of up to $33,000 per employee sound? The expansion of the employee tax credit could mean that for your business. But like so many of the programs that are out there to help business through the pandemic, a lot of questions surround it. NFIB is offering a free webinar on…
Read MorePPP Extension
The Economic Development Board sent a letter about PPP extension to us here at the chamber. Don’t fear if you haven’t yet applied for PPP. The deadline has been extended. Last month, Congress extended the PPP deadline until the end of May. Eligible businesses have extended time to submit their applications. Lenders have more time…
Read MoreExtended Deferment for EIDL
For those worried about paying back loans, an extended deferment for the EIDL has been announced. The U.S. Small Business Administration announced this for all disaster loans, including the COVID-19 Economic Injury Disaster Loan program. All SBA disaster loans made in 2020 will have a first payment due date extended from 12-months to 24-months from the date…
Read MoreNew Round of Working Washington Grants
The chamber is once again sharing information on on a new round of Working WA grants. This information is from a press release from the WA State Dept of Commerce. Round 4 of the Working WA Grants will open through the Washington State Department of Commerce on March 29. Business owners can find information about…
Read MoreExpansion of Employee Retention Tax Credit
A recent expansion of the employee retention tax credit means a significant number of small businesses will now qualify. Beginning on January 1, 2021 the credit expires on January 1, 2022. Previously, the credit was for 50% on $10,000 in qualified wages for the entire year, with a maximum of $5,000 per employee. The new credit jumps to 70% on…
Read MoreEmployee Training
With all that’s happened and changed over the last year, you may find a need for employee training. Perhaps your business has pivoted, or you have new staff. However, training costs money that many businesses find short these days. Good news. Our member, Invista Performance Solutions has opportunities that include customized training funded by grants.…
Read MorePhase 3 of Recovery Plan
Today, Governor Inslee announced Phase 3 of the Recovery Plan for Washington. The Roadmap to Recovery will return to a county by county, rather than staying with a regional approach. The community and businesses are excited to finally have a plan on moving into Phase 3. However, the governor didn’t yet commit to what all…
Read MorePhase 3?
When will businesses be able to move to phase 3 in the Roadmap to Recovery? While the governor has announced positive news that there is a pause on moving any county in WA back to phase 1, many wonder, “What’s next?” All counties are in Phase 2. But businesses, especially those like restaurants, wonder when…
Read MoreHouse Bill 1368 – Signed!
Last week we let you know about House Bill 1368 and now it is signed! Today’s press release from the governor outlines an overall picture of the funds in the bill. The bill provides: $714 million in assistance for K-12 schools $618 million for public health’s response to COVID, including testing, investigation and contact tracing;…
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