Tuesday, March 30, 2010

Our Open House was a Success!!!

We could not have done it without you -

To Our Guest Speakers:

Rick Cooper
CEO, The Everett Clinic and
Board President, Snohomish County EDC

Nancy Porzio
Regional Director
U.S. Small Business Administration

Joe Marine
Mayor
City of Mukilteo

And, to our
Community Capital Development Family

THANK YOU!!!

Special thank you to the following who have shared their resources to make it more meaningful....

Friday, March 19, 2010

You are invited to our Annual Open House!

Thursday, March 4, 2010

Extension of SBA Recovery Lending Programs Will Support $1.8 Billion in Small Business Lending

Agency plans to restart Recovery loan approvals on March 10

WASHINGTON – President Barack Obama signed legislation Tuesday extending until March 28 the U.S. Small Business Administration’s ability to provide small business loans that are enhanced with special provisions of the American Recovery and Reinvestment Act (ARRA), including a higher guarantee of SBA-backed loans and a waiver of loan fees normally paid by borrowers.


SBA estimates the additional funding will support about $1.8 billion in small business lending.

New approvals of eligible loans with the higher guarantee and reduced fees made possible by the Recovery Act are expected to resume on March 10. Loan applications from borrowers in SBA’s Recovery Loan Queue will be funded first, followed by new loan applications.

“These key loan programs have been successful in helping jump-start the economic recovery for America’s small businesses,” said SBA Administrator Karen Mills. “The increased guarantee and reduced fees on SBA loans helped put almost $22 billion into the hands of small business owners and brought more than 1,100 lenders back to SBA loan programs. As a result, average weekly loan approvals by SBA have climbed by 87 percent compared to the weekly average before passage of the Recovery Act.

“We will continue working with the President and with Congress to move forward with proposals for a longer extension for these important program enhancements, as well as higher loan limits, refinancing for commercial property loans and other significant ongoing support for small businesses. Small businesses need the changes the President has called for to ensure that they have the tools they need to drive economic growth and create jobs in communities all across the country.”

As part of the Recovery Act, SBA received $730 million, which included $375 million to increase the SBA guarantee on 7(a) loans to 90 percent and to waive borrower fees on most 7(a) and 504 loans. The funds for these programs were exhausted on Nov. 23, and an additional $125 million was provided in December. Those funds were exhausted in late February.

SBA has implemented the Recovery Loan Queue twice before as part of its temporary transitions back to pre-Recovery Act lending. Eligible small businesses, in consultation with their lender, could choose to be placed in the queue for possible approval of a Recovery Act loan if funding became available from loans canceled for a variety of reasons. Currently there are 652 loan requests totaling $230 million in the Recovery Loan Queue.

The extension signed by President Obama authorizes the higher guarantee levels through March 28, 2010, for 7(a) loans. The fee relief is available until the additional funding is exhausted or the end of the fiscal year on Sept. 30, whichever comes first. As was the case in November and again in February, SBA is prepared to transition into a queue system as the funds start to wind down in order to ensure the maximum simulative effect of the programs and disbursement of funds.

For non-Recovery Act 7(a) or 504 loans already funded during the transition period, this extension does not provide a retroactive guarantee or waived fees. Loans that were funded under non-Recovery Act terms cannot be canceled and resubmitted to take advantage of the Recovery Act extension provisions.

This extension does not affect other SBA Recovery Act programs, including the America’s Recovery Capital (ARC) loan program or the agency’s microloans. Recovery Act funding still remains available for both of those programs.

Release Date: March 4, 2010 Contact: Hayley Matz (202) 205-6948
Release Number: 10-06 Internet Address: http://www.sba.gov/news

Northwest Economic Council’s 3rd Annual Alternative Financing

Business financing starts with your commercial lender... but what if that isn't enough? If you want to find out more about alternative financing options that are available in Whatcom County, come join the 3rd Annual Alternative Financing Seminar.

This is a FREE event, however registration is required.

To register: http://www.nwecon.org/news-a-events/events/upcoming-events

SBA Emerging 200 Program Targets Native American

Release Date: February 25, 2010
Contact: Darlene Robbins at darlene.robbins@sba.gov

Seattle – SBA Seattle announced today that it will expand the Emerging 200 (e200) Initiative, an executive-level training program for small business owners, to include Native American business owners. Classes commence in April 2010. For information and/or application contact Darlene Robbins at darlene.robbins@sba.gov.


“The e200 initiative will enable top Native American executives to participate in an intensive and comprehensive curriculum. The focus will be on developing growth strategies (3-5 year plans, new markets), accessing new capital to fuel growth, mentoring and other training to target potential contracts in the local and federal government arena. This initiative is designed to accelerate the growth of companies that are poised for sustained expansion,” said SBA Seattle District Director Nancy Porzio.

“Over the last few years e200 has been a catalyst for expanding opportunities for many promising small businesses in underserved communities – in particular those who have been most impacted by these tough economic times,” said Regional Administrator Calvin Goings. SBA Administrator Karen Mills said, “Graduates of the program have increased their revenue, created jobs and helped drive local economic growth in their communities. SBA’s commitment to not only continue, but expand the program, will build on this success and provide even more entrepreneurs in underserved communities with the support, resources and skills to succeed.”

The expansion of e200 to Native American communities coincides with the President’s appearance before Tribal Leaders on November 5th, 2009 in Washington, DC, during which he promised that the Administration would work with the Native American community to build economic prosperity. As the President acknowledged that some of the reservations face unemployment of up to 80 percent and roughly a quarter of all Native Americans live in poverty, he stated his commitment to being “full partners in the American economy … so [their] children and … grandchildren can have an equal shot at pursuing the American Dream.” The expansion of e200 is part of the Administration’s pledge to achieve these goals.

Since its inception, the e200 initiative has identified business owners across the country who show a high potential for growth in underserved markets and provided them with the training, networking, resources and motivation required to expand operations and create jobs.

- more -

To date, more than half of the businesses that participated in e200 have seen an increase in revenue, and nearly two-thirds have created new jobs. Entrepreneurs who have completed the training have secured over $9 million in new financing for their businesses. Increased confidence in applying for government contracts among trainees has resulted in over $1.3 million awarded to participating small businesses.

The nine-month training includes approximately 100 hours of classroom time per participant and provides the opportunity for small business owners to work with experienced mentors, attend workshops and develop connections with their peers, city leaders, and financial community.

For a full list of cities hosting the e200 initiative in 2010 please see below:
Urban Markets
· Jacksonville, Fla.
· Dallas, Texas
· Atlanta, Ga.
· Des Moines, Iowa
· Boston, Mass.
· Baltimore, Md.
· Detroit, Mich.
· Philadelphia, Pa.
· Memphis, Tenn.
· Chicago, Ill.

Native American Communities
· Denver, Colo.
· Albuquerque, N.M.
· Gallup, N.M.
· Portland, Ore.
· Milwaukee, Wis.
· Tucson, Ariz.
· Phoenix, Ariz.
· Oklahoma City, Okla.
· Tulsa, Okla.
· Santa Ana, Calif.
· Seattle, Wash.
· New Orleans, La.

IRS UPDATES

Free File: Spread the Word with Widgets
http://www.efile.irs.gov/
The Free File program provides free federal income tax preparation and electronic filing for eligible taxpayers through a partnership between the Internal Revenue Service and the Free File Alliance LLC, a group of private sector tax software companies. Many companies offer free or paid state tax preparation and e-filing services. Some companies may not offer state tax preparation and e-file services for all states. Explore which Free File service -- offered exclusively at IRS.gov/freefile — fits your situation: easy-to-use, step-by-step tax preparation software or fillable forms. All taxpayers can use this service.

We have an excellent electronic tool we think you’ll enjoy seeing on your organization’s Web site – and it’s easy to place there. It’s a “Web widget,” a portable, on-screen ad for Free File with a countdown clock that changes daily to let your Web site visitors know how many days are left in the filing season. It also links to more information about Free File on IRS.gov/.

To place the widget on your Web site, just visit http://www.efile.irs.gov, look for the “Tax Season Countdown” ad with the green banner at the top. Click “Get & Share” at the bottom, then “copy code” from the box at the bottom-right. Paste this computer code to your Web site, and let the countdown begin. You can also share the widget on a social networking site, such as Facebook, if you prefer. Just follow the “Get & Share” instructions.


Reminder: Haiti Relief Donations Made Before March 1 Qualify for 2009 Deduction
http://www.irs.gov/newsroom/article/0,,id=218678,00.html
People who give to charities providing earthquake relief in Haiti can claim these donations on the tax return they are completing this season. Taxpayers who itemize deductions on their 2009 return qualify for this special tax relief provision, enacted Jan. 22. Only cash contributions made to these charities after Jan. 11, 2010, and before March 1, 2010, are eligible. This includes contributions made by text message, check, credit card or debit card. The new law only applies to cash (as opposed to property) contributions. The contributions must be made specifically for the relief of victims in areas affected by the Jan. 12 earthquake in Haiti. Taxpayers have the option of deducting these contributions on either their 2009 or 2010 returns, but not both.


Additional Information Regarding Signature Requirements for First-Time Homebuyer Credit Documentation
http://www.irs.gov/newsroom/article/0,,id=219241,00.html
The IRS has provided additional clarification regarding documentation requirements on the First-Time Homebuyer Credit. The IRS encourages buyers seeking the homebuyer credit to sign the settlement statement when they file their tax return -- even in cases where the settlement form does not include a signature line. The IRS recognizes that elements of the settlement document, often a Form HUD-1, may vary from jurisdiction to jurisdiction and may not reflect the signatures of both the buyer and seller. While the Form 5405 instructions indicate that a properly executed settlement statement should show the signatures of all parties, the IRS has clarified that it will accept a settlement statement if it is complete and valid according to local law. In areas where signatures are not required on the settlement document, the IRS encourages the buyer to sign the settlement statement prior to attaching it to the tax return. In situations where the signature of the seller is not on the settlement document, the IRS advises the buyer to still sign the document.
Link: Information on the First-Time Homebuyer Credit


IRS Debunks Frivolous Tax Arguments
http://www.irs.gov/newsroom/article/0,,id=219104,00.html
The Internal Revenue Service today released the 2010 version of its discussion and rebuttal of many of the more common frivolous arguments made by individuals and groups that oppose compliance with federal tax laws. Anyone who contemplates arguing on legal grounds against paying their fair share of taxes should first read the 80-page document, The Truth about Frivolous Tax Arguments. The document explains many of the common frivolous arguments made in recent years and it describes the legal responses that refute these claims. It will help taxpayers avoid wasting their time and money with frivolous arguments and incurring penalties.


COBRA Subsidy Eligibility Period Extended Through February; 15-Months Subsidy Now Available to Those Who Qualify
http://www.irs.gov/newsroom/article/0,,id=218522,00.html
Workers who lose their jobs during January and February may qualify for a 65-percent subsidy on their COBRA health insurance premiums, and these newly-eligible individuals, along with those already receiving the subsidy, can now receive it for up to 15 months, according to the Internal Revenue Service. Created by the American Recovery and Reinvestment Act of 2009, the COBRA subsidy eligibility period was originally scheduled to expire at the end of 2009, and eligible individuals only qualified for the subsidy for nine months. But the Department of Defense Appropriations Act, 2010, enacted on Dec. 19, extended the eligibility period and the maximum duration of COBRA premium assistance.

As a result, workers who are involuntarily terminated from employment between Sept. 1, 2008, and Feb. 28, 2010, may be eligible for a 65-percent subsidy of their COBRA premiums for a period of up to 15 months. Involuntarily terminated employees who meet certain other requirements, and certain family members of those individuals, are referred to as “assistance-eligible individuals.”


Reminder: 2009 Economic Recovery Payment Must Be Verified Through Other Agencies
http://www.irs.gov/newsroom/article/0,,id=204468,00.html
A one-time payment of $250 was made in 2009 to recipients receiving benefits from the Social Security Administration, disabled veterans receiving benefits from the U.S. Department of Veterans Affairs, and Railroad Retirement beneficiaries. Taxpayers who need verification about receipt of the 2009 economic recovery payment should personally contact their respective agency for confirmation, not the IRS, before completing and filing their 2009 tax return in 2010.

AARP FOUNDATION ANNOUNCES 4th ANNUAL WOMEN’S SCHOLARSHIP PROGRAM

Low-Income 40+ Women in Washington Are Eligible for Scholarships
Applications Being Accepted February 1 through March 31, 2010

Washington - The AARP Foundation has announced a call for entries to its fourth annual Women’s Scholarship Program. The scholarships will provide funds to women 40+ who are seeking new job skills, training and educational opportunities to support themselves and their families. Up to 100 scholarships ranging from $500 to $5,000 will be awarded, depending on financial need and the cost of the education or training program.

“The AARP Foundation is committed to elevating opportunities for women,” said AARP State Director Doug Shadel. “Since its beginning, the program has provided valuable resources that have enabled more than 350 deserving women to have access to the educational tools to advance their professional goals. We are thrilled to be offering the program again this year.”

While many individuals benefit from the work of the AARP Foundation, research shows that women are disproportionately at risk of having insufficient funds in the second half of their lives due to lower earning and different work patterns. The AARP Foundation created the Women’s Scholarship Program in August 2007 to help women 40+ overcome financial and employment barriers by allowing them to participate in education and training opportunities they could otherwise not afford. In 2009, 108 women from all across the country were awarded more than $345,000 in educational scholarships.

Interested applicants can submit their application online beginning February 1, 2010 at www.aarp.org/womensscholarship. The application process closes on March 31, 2010. Scholarships will be awarded in early summer 2010.

Scholarships are available to eligible individuals with moderate to lower incomes and limited financial resources. To be eligible for the scholarships, applicants must:
  • Be female age 40 or older (as of March 31, 2010);
  • Be a U.S. Citizen
  • Be able to demonstrate financial need; and
  • Be enrolled in an accredited school or technical training program within 6 months of the scholarship award date.
Priority is given to women in three categories: those raising the children of another family member; those in low-paying jobs with no career opportunities and who are missing either a retirement benefit and/or health insurance; and those who have been out of the workforce for more than five years. Scholarships may be used for any course of study at a public or private secondary school, including community colleges, technical schools, and four-year universities. Funds are payable to the institution and may be used to pay for tuition, fees, and books.

Scholarship winners will be chosen by an independent selection committee established by the AARP Foundation. They will be chosen on the basis of financial need, personal circumstances and achievements, educational goals, and the likely impact of the scholarship on their lives and their families and communities.
The scholarship program is made possible by the AARP Foundation with generous support from Wal-Mart Foundation and the AARP Foundation Women’s Leadership Circle cabinet.

AARP Foundation

The AARP Foundation is AARP’s affiliated charity. Foundation programs provide security protection and empowerment for older persons in need. Low-income older workers receive the job training and placement they need to re-join the workforce. Free tax preparation is provided for low- and moderate-income individuals, with special attention to those 60 and older. The Foundation’s litigation staff protects the legal rights of older Americans in critical health, long-term care, consumer and employment situations. Additional programs provide information, education and services to ensure that people over 50 lead lives of independence, dignity and purpose. Foundation programs are funded by grants, tax-deductible contributions and AARP. For more information about the AARP Foundation, please log on to www.aarp.org/foundation.