The state Senate passed its supplemental operating budget Wednesday containing an additional $5 million in funding to help area businesses facing financial setbacks because of coronavirus outbreaks.
The addition to the budget was requested by state lawmakers representing the 19th and 24th legislative districts.
“This is a local business that has thrived despite disruptive tariff and trade wars, pays its employees strong wages, and has robust potential to expand, but it’s been thrown for a loop,” said Sen. Dean Takko (D-Longview), who sponsored an amendment to increase the funding pot by $3 million. “They’ve done all the right things, but through no fault of their own they haven’t received a single order in more than seven weeks, and their vessels are stranded at sea loaded with products they cannot deliver.”
Lawmakers highlighted the urgent need of businesses such as Cosmo Specialty Fibers, a Cosmopolis textile producer that does more than 97 percent of its business with Asian companies. The closure of ports in affected countries has hampered the businesses ability to function, according to a news release from the Washington State Senate Democrats.
The assistance comes from the state’s strategic reserve account to promote economic development, funded by a third of all unclaimed lottery money.
“Local businesses like Cosmo are the lifeblood and future in rural communities in regions like ours,” said Sen. Kevin Van De Wege (D-Sequim), who cosponsored Takko’s amendment.
