Collectively, Seattle SMEs Need a Lot More Than $5 Million to Survive During the COVID-19 Outbreak

©iStock/SEASTOCK

Small businesses operating in Amazon's neighborhood will be awarded $5 million as a fund to support their businesses around Amazon's Seattle headquarters.  The SMEs are struggling with a dramatic slowdown since the Amazon instructed its employees – 50,000 – to work from home if they could.

These businesses support tens of thousands of local jobs that are a critical part of the Seattle and Puget Sound economy,” [John] Schoettler [Amazon vice president of global real estate and facilities] said. “They’re our friends and neighbors, and we believe it’s important to try to help them confront the economic challenges that are likely to come from the COVID-19 outbreak.”

Note:  If you are operating a business near Amazon's HQ and apply for the grant, expect Amazon to ask for information including the amount of revenue each applicant expects to lose in March.

Bottom line:  Amazon wants to make the process easy so that businesses facing cash-flow problems can be stabilized quickly, the spokesman said.

Read more here.