Seattle Provides Additional Funding to Support Small Businesses Impacted by Vaccine Verification Policy

Strategic Insights -

The City of Seattle has allocated an additional $2 million to the Office of Economic Development's (OED) Small Business Stabilization Fund to support small businesses and organizations affected by the King County vaccination verification policy. Eligible businesses will receive up to $1,000 to help offset the economic impacts of this requirement. The additional funding is expected to benefit over 2,000 small businesses and organizations that must enforce the policy, including restaurants, performing arts and cultural institutions, nightlife spaces, and extracurricular/recreational indoor activity spaces.

Key Takeaways:

  • The City of Seattle has allocated an additional $2 million to the Office of Economic Development's (OED) Small Business Stabilization Fund to support small businesses and organizations affected by the King County vaccination verification policy.
  • Eligible small businesses and organizations will receive up to $1,000 to help offset the economic impacts of the policy.
  • Over 2,000 small businesses and organizations in sectors such as restaurants, performing arts and cultural institutions, nightlife spaces, and extracurricular/recreational indoor activity spaces are eligible for the additional funding.
  • The eligible sectors have already seen over 140 establishments requiring proof of vaccination before the policy was implemented.
  • An analysis by the University of Washington's Institute for Health Metrics and Evaluation (IHME) found that the vaccine verification policy at restaurants, bars, and gyms/fitness centers alone could prevent 17,900 to 75,900 infections, 421 to 1,760 hospitalizations, and 63 to 257 deaths locally over six months.
  • To be eligible for the Small Business Stabilization Fund grant, businesses and nonprofits must meet specific criteria, including having 50 or fewer full-time equivalent employees, being located within Seattle city limits, having no more than two locations, having an annual net revenue at or below $2 million, and having an annual net loss totaling or exceeding the SBSF grant amount applied for.
  • The newest round of the Small Business Stabilization Fund is financed by the Coronavirus Local Fiscal Recovery Fund (CLFR) established under the American Rescue Plan Act (ARPA).

Statistics:

  • $2 million: Additional funding allocated by the City of Seattle to support small businesses and organizations affected by the King County vaccination verification policy.
  • Up to $1,000: Amount of additional funding small businesses and organizations will receive to help offset the economic impacts of the policy.
  • Over 2,000: Number of small businesses and organizations eligible for the additional funding.
  • 140: Number of establishments that had already begun requiring proof of vaccination before the policy was implemented.
  • 17,900 to 75,900: Estimated number of infections that could be prevented by the vaccine verification policy at restaurants, bars, and gyms/fitness centers over six months.
  • 421 to 1,760: Estimated number of hospitalizations that could be prevented by the vaccine verification policy at restaurants, bars, and gyms/fitness centers over six months.
  • 63 to 257: Estimated number of deaths that could be prevented by the vaccine verification policy at restaurants, bars, and gyms/fitness centers over six months.

Sources:

  • Seattle (November 1, 2021)
  • Office of the Mayor of Seattle
  • Councilmember Teresa Mosqueda (Position 8, Citywide)
  • Councilmember Lisa Herbold (District 1, West Seattle and South Park)
  • Councilmember Tammy J. Morales (District 2, South Seattle)
  • University of Washington's Institute for Health Metrics and Evaluation (IHME)
  • American Rescue Plan Act (ARPA)