COVID-19 SMALL BUSINESS GRANTS
The Commonwealth of Massachusetts has made $50.8 million in grants available to support small businesses of 50 or fewer employees adversely affected by the pandemic.
Massachusetts Growth Capital Corporation (MGCC) will be administering these funds to businesses experiencing economic hardship and a loss of income due to the COVID-19 pandemic.
Preference will be given to small businesses whose owners are women, minorities, veterans, members of other underrepresented groups, who are focused on serving Gateway Cities (including Barnstable) and those most negatively impacted by COVID-19. Preference will also be given to applicants that have not been able to receive aid from other federal programs related to COVID-19.
Applications are currently being accepted. The deadline to apply is November 12, 2020 at 12:00 PM.
To learn more and apply, please click here.
HYANNIS TRANSFORMATIVE DEVELOPMENT INITIATIVE SMALL BUSINESS RELIEF AND RECOVERY GRANTS AVAILABLE
The Town of Barnstable, together with MassDevelopment and the Downtown Hyannis Community Development Corporation, is offering a second round of grants of up to $8,000 each for storefront businesses and cultural non-profits in Hyannis’ East End.
This grant round will provide a limited number of grants of up to $8,000 each to assist storefront businesses and cultural non-profits located in Hyannis’ East End TDI District and within 300 feet thereof (see online application for district boundaries). These grants will provide flexible funding in an effort to support small businesses and cultural institutions in the downtown that continue to be impacted by COVID-19 public health requirements and restrictions. The total program budget is $30,000.
Applications are currently being accepted. The deadline to apply is November 5, 2020.
Program guidelines and the online application for funding are available at:
SBA AND TREASURY ANNOUNCE SIMPLER PPP FORGIVENESS FOR LOANS OF $50,000 OR LESS
The U.S. Small Business Administration, in coordination with the US Treasury Department, today released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less.
SBA began approving PPP forgiveness applications and remitting forgiveness payments to PPP lenders for PPP borrowers on October 2, 2020. SBA will continue to process all PPP forgiveness applications in an expeditious manner.
Webinar: Economic Relief Available To Businesses Impacted by COVID-19 (NEW 4/3/2020)
This recording of a webinar given by Rich May, P.C. goes into details of economic relief available for businesses impacted by COVID-19, including the differences between the Paycheck Protection Program and Economic Injury Disaster Loans, who qualifies and how to apply, what loan amounts will be forgivable, and how these loans intersect with other types of relief available under the CARES Act and Families First Coronavirus Relief Act. Download presentation slides.
State of Massachusetts COVID-19 resources and Guidance for small businesses:
To view the latest announcement from the State Government regarding small businesses.
State of Massachusetts Work Share Program:
The WorkShare program is a tool to help employers avoid layoffs during a downturn. Employers can divide available work between affected employees instead of laying off workers. It allows employees to receive partial unemployment insurance benefits while working reduced hours. Click here to go to the online portal to apply for WorkShare, a smart alternative to layoffs, helping companies keep valuable workers.
State of Massachusetts Rapid Response Program:
Partner up with Rapid Response Team to minimize the possibility of layoffs and keep a skilled workforce engaged.
State of Massachusetts Unemployment and Workers’ Compensation Programs:
For information on Unemployment Insurance benefits, waivers of certain requirements (including the one-week waiting period for Unemployment Insurance), and workers’ compensation claims:
Additonal State Resources:
State of Massachusetts emotional health and well-being resources:
For information and tips on reducing stress and combating isolation during the COVID-19 outbreak.
The State of Massachusetts COVID-19 resources, general:
To view the latest updates from Governor Baker, and on current case counts in MA and US.
General Federal resources for small businesses:
Health and government officials are working together to maintain the safety, security, and health of the American people. Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy.
Federal small businesses Disaster Loan Assistance Program:
Economic Injury Disaster Loans from the U.S. Small Business Administration (SBA) of up to $2 million dollars are now available for small businesses and nonprofits in Massachusetts that have been negatively financially impacted by COVID-19. Need to apply for a small business Disaster Loan? Start here.
Families First Coronavirus Response Act (the “Act”)
Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave. Read Newswire, IR 2020-57, which clarifies what benefits are provided and how they will be fully subsidized through a refundable payroll tax credit under the Act (and a similar credit for self-employed individuals).
Federal Legislative Relief Efforts
On March 19, 2020, Senate Republicans introduced the third federal legislative package addressing the coronavirus pandemic, dubbed the CARES Act — the Coronavirus Aid, Relief, and Economic Security Act. Congress is currently negotiating the provisions of this proposed bill. One of the most important provision in this bill would allow businesses with fewer than 500 employees to apply for fee-free loans of up to $10 million that could help cover payroll, employee salaries, mortgages, rent and some other debt obligations. The portion of the loan used by small businesses to cover their payrolls could be forgiven if businesses retain their employees through the end of June 30, 2020. Additionally, the CARES bill would defer the payment of employer-side payroll taxes until 2021 and 2022, with half of payroll taxes for 2020 due by Dec. 31, 2021, and the other half due by Dec. 31, 2022. The bill in its current form also contains provisions which would limit some of the emergency sick leave and family medical leave payments recently established in the Families First Coronavirus Response Act. The bill is going through a process of revisions before becoming law, we will provide updates once it becomes official.
USDA Rural Energy for America Program Grant:
The program provides guaranteed loan financing and grant funding to agricultural producers and rural small businesses for renewable energy systems or to make energy efficiency improvements.