NWBDA’s Response to the COVID-19 Outbreak

In response to COVID-19 outbreak and the financial impact it is having on our borrowers, we have put together some options for your consideration.  Please review and let us know if we can be of further assistance to you.

How Has COVID-19 Impacted Your Business?

NWBDA cares about its borrowers and how they have and are being impacted by COVID-19.

Please spend 5 minutes of your time and take our

SCORE Mentoring

SCORE mentors are rising to meet the many challenges faced by small business owners during this time of recovery from the coronavirus pandemic. SCORE is also offering a new real-time mentoring platform in addition to scheduled phone, video, and email options.

Navigating this unprecedented crisis is new for small business owners, so it helps to have trusted mentors who can provide guidance along the way. And SCORE knows you need advice quickly. This new method of mentoring shortens the time a client connects with a SCORE mentor from days to minutes.

Get Small Business Advice from SCORE Mentors in Real Time

SBA Disaster Assistance

Learn about SBA’s Disaster assistance and loans. 
Please be advised that this is not a loan product NWBDA can assist you with.


The CARES Act was approved on Friday, March 27th.  SBA is working on final details from the legislation into the Federal Register Notice and Program Guide. As soon as those instructions are published and made available to the lending community (including NWBDA), we’ll be able to answer your questions. Instructions from SBA that we do already have are:

  1. The CARES Act specifically states that SBA is to make the loan payments for six months on 504 loans in regular servicing and not on deferment beginning with the first payment due after the enactment (i.e., April 1).  This does not include payments to your senior lender.
  2. SBA must make those payments NO LATER THAN 30 days after the date on which the first payment is due. The first payment is due April 1, thus SBA has until April 30 to make the payments on behalf of 504 borrowers.

SBA will make payments to your loan for the next six months.  The 504 Loan Program Central Servicing Agent (CSA) has said that it will NOT apply an ACH debit to the borrower’s account to cover the loan payments due on April 1, 2020.

Here are some guidelines and explanations from the Senate Small Business Committee.

A Small Business Owner’s Guide to the CARES Act

U.S. Senate Committee for Small Businesses and Entrepreneurs

U.S. Senate Bill H.R. 748 (The CARES Act)

Small Business Payment Protection Program (under the CARES Act)

Statement by Secretary Mnuchin and Administrator Carranza on the Paycheck Protection Program and Economic Injury Disaster Loan Program regarding funds: HERE

The second round of the Payment Protection Program is now open for applications. Find a lender: HERE 

Forgiveness Application and Instructions: CLICK HERE

Learn More about this program: HERE

WA State Resources

The Governor’s Office for the State of Washington has put together a list of resources to support Washington businesses impacted by COVID-19.  The guidance provided offers information related to financial, export, employer and employee, and insurance assistance for businesses. See More

Washington Small Business Development Center’s Disaster Planning and Recovery

SBA 504 Loan – Payment Deferral Information

SBA may agree to defer payments on a 504 SBA loan for up to 6 months and will adjust future payment amounts to allow the Borrower to catch up.  The catch up period will depend on various factors including loan amount, loan term and borrower’s ability to repay.

Checklist for deferral request

Borrower must provide the following information in order for NWBDA to process the loan payment deferral request:

  • Written Statement outlining the reason(s) for the cash flow problem.  This explanation should be specific and relay why the Borrower’s cash flow problems are a short term issue.
  • Contact information – Provide the best email and phone number where you can be reached. Prior to submitting to SBA, we will be calling you to ask a few business related questions.
  • Correspondence (email is sufficient) from the Bank who holds your first trust deed loan that outlines the relief/deferment or modification they will be providing on your loan.
  • Current financial information consisting of:
  • Current financial statements (form 770 attached) for all guarantors
  • 2018 & 2019 Personal Tax Returns or copy of extension(s) for all guarantors
  • 2019 year-end business financial statement
  • Current interim financial statement (within last 90 days)
  • If Borrower has any affiliates, a current consolidated financial statement
  • 2019 Business Tax Returns or copy of the extension

We ask that you send all the above information at one time versus multiple submissions/emails.  You can securely upload your documents at https://www.nwbusiness.org/upload-deferment/ or email them to servicing@nwbusiness.org.

CARES Act Fraud

Fraudsters have already begun targeting small business owners during these economically difficult times. Be on the lookout for grant fraud, loan fraud, and phishing.

Read more: HERE

NWBDA Client Highlight:

Chinook Enterprises, Eddyline Kayaks and Skagit Rotary have come together to deliver hundreds of desperately-needed face shields to local hospitals, elderly care facilities and others across Skagit County. HERE