SBA To Provide Small Businesses Impacted by Coronavirus (COVID-19) Up to $2 Million in Disaster Assistance Loans

Process for Accessing SBA’s Coronavirus (COVID-19) Disaster Relief Lending

• The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.

• Any such Economic Injury Disaster Loan assistance declaration issued by the SBA makes loans available to small businesses and private, non-profit organizations in designated areas of a state or territory to help alleviate economic injury caused by the Coronavirus (COVID-19).

• SBA’s Office of Disaster Assistance will coordinate with the state’s or territory’s Governor to submit the request for Economic Injury Disaster Loan assistance.

• Once a declaration is made for designated areas within a state, the information on the application process for Economic Injury Disaster Loan assistance will be made available to all affected communities.

• SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

• These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.

• SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability
to repay.

• SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible.

For additional information, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov.

 

 

 

Small Business Administration

Economic Injury Disaster Loan (EIDL) Program

The Massachusetts Emergency Management Agency (MEMA) and Baker-Polito Administration are working closely with the U.S. Small Business Administration (SBA) to activate the Economic Injury Disaster Loan (EIDL) program which would provide assistance to eligible businesses and non-profits impacted by COVID-19.

The first step in this process is to meet a minimum threshold of affected businesses within Massachusetts. To do this, affected small businesses and non-profits should download, complete, and submit the SBA EIDL Worksheet and Instructions to expedite activation of the EIDL program.

Completed forms may be submitted by email to Disaster.Recovery@mass.gov or by fax to (508) 820-1401. If submitting by fax, please include an email address.

Please note, this initial survey form is not a SBA loan application. When the EIDL program is activated, you will be contacted to apply directly to the SBA and this website will be updated with application details.

For questions, please contact Disaster.Recovery@mass.gov

 

 

 

With a lot of uncertainties in the upcoming days and weeks, we wanted to remind all service providers about Mass 211, which is the 24/7 statewide information and referral line available in 140+ languages that connects callers with critical social service programs and organizations in their local community year-round.

The Massachusetts Department of Public Health (DPH) has announced that Massachusetts 211 will now provide real-time COVID-19 information, resources, and referrals. Mass 211 is made possible by local United Ways and the state of Massachusetts.

Through this partnership with Mass 211, DPH subject matter experts are expanding access to information 24/7, and empowering call operators to provide the latest information about the status of COVID-19 response efforts in Massachusetts. At peak call times, DPH staff will augment the call team to ensure residents’ questions are answered without delay. This new service is in addition to a dedicated site mass.gov/covid19, which is updated daily with information and resources.

Residents across the state can call 2-1-1 to learn more about:

·         COVID-19 prevention, symptoms, and treatment

·         Information about testing

·         Guidance for people planning or returning from travel

We encourage you to share this information with your networks to ensure residents can have their answers to their COVID-19 related questions answered by experts from DPH.

Mass 211 also operates the Call2Talk hotline for mental health, emotional support, and suicide prevention. Call2Talk also operates 24/7 and provides confidential, compassionate listening to assist people during stressful times.

Mass 211 can be reached by dialing 2-1-1 from any landline or cell phone in the state.

In addition to the services provided by Mass 211, United Way of Greater New Bedford has launched the Help United Fund to assist those locally affected by Coronavirus. We are currently exploring ways to get financial support to those who need it. We welcome your suggestions and welcome your promotion of this effort. Donations can be made by texting HELPUNITED to 313131 or visiting unitedwayofgnb.org.

 

 

Massachusetts Emergency Management Agency

Resources for the Business Community: COVID-19

  1. MEMA’s Emergency Operations Center’s Private Sector Hotline
    • The hotline will be staffed Monday – Friday from 8am to 4pm.
    • The number for the hotline is 508-820-2094.
  2.  Small Business Administration’s Economic Injury Disaster Loan (EIDL) program
    • EIDL offers Massachusetts businesses who are experiencing hardships resulting from the COVID-19 outbreak access up to $2M in emergency loan capital with rates capped at 3.75%.
    • We are currently working with the U.S. Small Business Administration (SBA) to activate the EIDL program. We will update this group when the program formally opens.
    • Businesses can learn more about the SBA’s response to COVID-19 here: https://www.sba.gov/page/guidance-businesses-employers-plan-respond-coronavirus-disease-2019-covid-19

3.       Governor Baker’s Emergency Order (3/15) limiting gatherings to 25 individuals and prohibiting on-premises consumption of food or drink at bars and restaurants, beginning on March 17 and effective until April 6.

·         Read more about the Emergency Order here: https://www.mass.gov/news/baker-polito-administration-announces-emergency-actions-to-address-covid-19

·         The Order does not apply to normal operations at airports, bus and train stations, medical facilities, libraries, shopping malls and centers, polling locations, grocery or retail stores, pharmacies, or other spaces where 25 or more persons may be in transit.

·         The Order does not apply to typical office environments, government buildings, or factories where large numbers of people are present, but it is unusual for them to be within arm’s length of one another.

·         Additional guidance can be found here: https://www.mass.gov/doc/march-15-2020-assemblage-guidance

  1. The Executive Office of Labor and Workforce Development offers resources for businesses related to employee benefits and will post additional guidance as it becomes available. Programs include:

 

 

Baker-Polito Administration Announces $10 Million Small Business Recovery Loan Fund

The Baker-Polito Administration announced economic support for small businesses with a $10 million loan fund to provide financial relief to those that have been affected by COVID-19.

The $10 million Small Business Recovery Loan Fund will provide emergency capital up to $75,000 to Massachusetts-based businesses impacted by COVID-19 with under 50 full- and part-time employees, including nonprofits. Loans are immediately available to eligible businesses with no payments due for the first 6 months.Massachusetts Growth Capital Corporation (MGCC) has capitalized the fund and will administer it.

“As our administration continues to take steps to protect the health and safety of residents, we recognize the hardships facing the small businesses that create the foundation of the state’s economy,” said Governor Charlie Baker. “This recovery loan fund is a new resource to help small businesses address emergency needs due to the disruption caused by the ongoing COVID-19 pandemic.”

“Small business owners and their employees are our neighbors and our friends, and their enterprises play vital roles in our communities, and we are committed to helping them cope with the impacts of COVID-19,” said Lt. Governor Karyn Polito. “As we announce this small business recovery loan fund, we will continue to work with the Legislature and our federal partners to find ways to effectively provide assistance during this public health emergency.”

“Our office remains in regular contact with the state’s business community to provide updates and receive feedback as the administration continues to expand its comprehensive COVID-19 response,” said Housing and Economic Development Secretary Mike Kennealy. “These new recovery loans complement other resources like the state WorkShare program and federal Economic Injury Disaster Loan program, as well as legislative efforts by the administration to support impacted workers.”

“MGCC is committed to helping support the Commonwealth’s small businesses through this time,” said Lawrence Andrews, President and CEO of MGCC. “We are proud to offer this fund as it serves our mission to save jobs and promote economic development. All processing and funding will take place online through MGCC staff.”

How to Apply:

Please complete the application found on MGCC’s website: EmpoweringSmallBusiness.org

Completed applications can be sent via email to mgcc@massgcc.com with the subject line “2020 Small Business Recovery Loan Fund.”

MGCC can be reached by email: mgcc@massgcc.com

Loan Fund Details:

Who Qualifies: Open to Massachusetts-based businesses impacted by COVID-19 with under 50 full- and part-time employees, including nonprofits (negative impact must be verifiable).

Terms and Conditions: This fund is being offered with no payments due for the first 6 months, then 30-months of principal and interest payments and no prepayment penalties.

Businesses can apply for loans up to $75,000.

About Massachusetts Growth Capital Corporation: MGCC is a quasi-public corporation of the Commonwealth that saves and creates jobs at small businesses, often minority and women-owned businesses, by providing financial services and managerial assistance. MGCC also promotes economic development throughout the state, focusing on Gateway Cities and low- to moderate-income communities. MGCC works with traditional financial institutions to make challenging loans bankable, working with community development corporations and other non-profits to provide financing for job-producing projects, and assisting a wide range of small businesses to find the growth capital they require. Since 2010, MGCC has served over 7,400 small businesses, and positively impacted more than 19,200 jobs with customized working capital financing commitments totaling over $122,000,000. For more information, visit EmpoweringSmallBusiness.org.

Please call MGCC with any questions at 617.523.6262

 

 

 

Economic Injury Disaster Loan Updates from the SBA

The Boston District office of the U.S. SBA is encouraging small business owners to go to SBA.gov/ma, scroll to the bottom of the page and sign up for their emails. This will provide you with the most current information available from SBA.
Shortly, (this week) we hope SBA should start taking applications for Economic Injury Disaster Loans in Massachusetts. These loans will provide businesses with working capital including funds for business loan repayment.
If you are interested in these loans, you might want to start putting your paperwork together. As of this morning, that paperwork included the following.  This is subject to change:
1. Copies of the applicant’s 3 most recent Federal Income Tax Returns, including all schedules. If this is a new business that has not filed 3 Federal Tax Returns, submit the ones you have filed. Also, complete and sign the attached Tax Information Authorization (IRS Form 8821). Sole proprietors need only submit the IRS Form 8821. SBA will contact you if they need any additional information (i.e., forecasts, etc.).
2. A current (dated within 90 days of application) business balance sheet (you may use the attached Personal Financial Statement (SBA Form 413) if you are a sole proprietorship), a current profit and loss statement, and a current schedule of liabilities.
3. For each owner having a 20% or more interest and each general partner, a current (dated within 90 days of application) personal financial statement (you may use SBA Form 413 for this purpose), a complete copy, including all schedules, of the most recent Federal Income Tax Return and a complete and signed IRS Form 8821. Individuals with an ownership interest need only supply an IRS Form 8821 and a personal financial statement.
4. A complete copy, including all schedules, of the latest Federal Income Tax Return for each affiliate. Affiliates include, but are not limited to, business parents, subsidiaries or other businesses with common ownership or management. Also, you must have an authorized individual complete and sign the attached IRS Form 8821 for each affiliate.
5. If your insurance covers all or a part of this loss (regardless of the current status of your claim), please provide the name and telephone number of your agent and/or claims adjuster. Also, include the policy number and the name of the insurance company.
6. If you are applying for economic injury, please submit SBA Form 1368, Additional Filing Requirements – Economic Injury Disaster Loan (EIDL). Here is the link to the application.
The application process is not yet open in MA, but should be by the end of the week.   
IF SBA APPROVES YOUR LOAN, THEY MAY REQUIRE ADDITIONAL INFORMATION BEFORE LOAN CLOSING.
Once again, all of the above is subject to change due to the fluid situation.
Please contact us if you have further questions call or text us.
Jeannine Marshall: 508-362-3755 (office), 508-648-7332 (cell)
Bill Flynn: 508-362-8608 (office), 508-776-9350 (cell)
Nick Johnas: 508-744-5554 (office), 518-694-2187 (cell)

 

 

 

HR 6201, The Families First Coronavirus Response Act, Overview of Key Provisions

Paid Family Leave

  • Provides employees of employers with fewer than 500 employees and government employers, who have been on the job for at least 30 days, with the right take up to 12 weeks of job-protected leave under the Family and Medical Leave Act to be used for any of the following reasons:
    • To adhere to a requirement or recommendation to quarantine due to exposure to or symptoms of coronavirus;
    • To care for an at-risk family member who is adhering to a requirement or recommendation to quarantine due to exposure to or symptoms of coronavirus; and
    • To care for a child of an employee if the child’s school or place of care has been closed, or the child-care provider is unavailable, due to a coronavirus.
    • After the two weeks of paid leave, employees will receive a benefit from their employers that will be no less than two-thirds of the employee’s usual pay

Paid Sick Leave

  • Applies to businesses with fewer than 500 employees with a sunset of December 31, 2020. Includes a 100% refundable tax credit
    • Mandatory 14 days for full-time employees – covers several scenarios such as self-quarantine, get tested for coronavirus, other family members in jeopardy
    • For part time workers – eligible for a two-week average of hours worked
    • Paid at two-thirds the employee’s regular rate to care for a family member or to care for a child whose school has closed, or child care provider is unavailable, due to the coronavirus.

UI Benefits

  • Provides $1 billion in 2020 for emergency grants to states for activities related to processing and paying unemployment insurance (UI) benefits
    • $500 million would be used to provide immediate additional funding to all states for staffing, technology, systems, and other administrative costs
    • $500 million would be reserved for emergency grants to states which experienced at least a 10 percent increase in unemployment.
      • Those states would be eligible to receive an additional grant, in the same amount as the initial grant, to assist with costs related to the unemployment spike, and would also be required to take steps to temporarily ease eligibility requirements that are limiting access to UI during the COVID-19 outbreak, including work search requirements, required waiting periods, and requirements to increase employer UI taxes if they have high layoff rates

 SNAP Waivers

  • Suspends the work and work training requirements for SNAP during this crisis.
  • Allows states to request special waivers from the Secretary to provide temporary, emergency CR-SNAP benefits to existing SNAP households up to the maximum monthly allotment, as well as give the Secretary broad discretion to provide much more flexibility for States in managing SNAP caseloads.
  • $500 million to provide access to nutritious foods to low-income pregnant women or mothers with young children who lose their jobs or are laid off due to the COVID-19 outbreak

Coverage of COVID-19 Testing

  • Several provisions of the bill provide funding for free coronavirus testing for those covered by private insurance, Medicare, Medicaid, TRICARE, VA, or the uninsured. Basically, COVID-19 testing will be free to individuals

 

 

Coronavirus Resource Guide Updated

Details related to the Coronavirus outbreak are evolving daily. We are working with chamber leaders across the country to learn more about how chambers of commerce are responding to bring you practical resources you can use. Check our Coronavirus Resource Guide frequently for updates. Recent additions include templates chambers can use as a starting point for communicating with members, staff, event participants and more. If you haven’t already done so, please complete our brief survey to help us tailor our resources to meet the greatest needs in the chamber community.

 

 

 

PREPARE FOR RECOVERY

By Cliff Robbins, MSBDC Senior Business Advisor

“NOW what do I do?”  This is the question on every small business persons’ mind. Well, this is the time to prepare yourself for a post-coronavirus world:  Especially because you have probably been forced to shutter or otherwise change your business approach.

1)      CFIMITYM – Cash Flow Is More Important Than Your Mother.

Conserve your cash.  Act like you’re in a turnaround crisis because you probably are [too].  If you haven’t done so already, project your cash needs out for the next twelve months.  (We can help with that.)  Go to MSBDC.org/SEMass and contact an advisor.

2)      COMMUNICATE

Talk to your customers; communicate with your bank; invest in your social media; let them know that you’re still around; keep them engaged.  Try selling gift certificates.  This is a great time to try that for future business.  Send them emails to let them know you’re still here and OKAY!

3)      CREATE

Most small business people don’t continually create content because they say they just don’t have the time.  Well, now your schedule is a little more open today, so create some content.  Create educational content about your products and services; create instructional videos; create stories that you can share in the near future to tell the world how great your business has been and still is!

4)      ADVERTISE YOUR LOCAL SERVICES

If you work at people’s homes, particularly for services like landscaping, or other home improvement services that are low-touch, get the word out that you’re available.  If people aren’t ready today, the nicer weather will catch up with them quickly once this all starts to sort itself out.

5)      PREPARE AND INVEST – Now’s the time to get a leg up on the competition:

  • Get that new website started, it’s going to take a little time to get going, and this downtime will help you modernize.
  • Optimize your business for local search, it takes a few weeks for optimizations to happen, so get the leg up once people are ready to leave the house again.
  • Sort out the back-end of your business:  Your CRM, your customer databases, your online store.  Make sure these are all up and running so that you are prepared for the future.

This too shall pass.”

Look at this period as an opportunity to get ahead, and stay focused on growth.

The region sure needs it!

 

 

Hello Friends of Fall River,

This is a trying time for small businesses everywhere. As both a partnership and an agency we want to understand what you’re going through and help direct resources where they need to go. It’s very important that we hear your voices and those of other small businesses and non-profits regarding the challenges you’re facing so we can advocate on your behalf and help get you the resources you need. So we ask please take this short survey and share widely among your business networks.

https://docs.google.com/forms/d/e/1FAIpQLScFA_JbKmsa4488ChfTUT3KkiAKPOCNX8Ep-gjCVYUFLJeTMQ/viewform?usp=sf_link

Our partners have been compiling available resources for businesses to cope with COVID-19 and those links are also included in this form.

We apologize in advance if you have received this message more than once or through other channels.

Thank you, stay healthy and safe, and please keep in touch!​​

Jim McKeag
TDI Fellow, Fall River
MassDevelopment
Transformative Development Initiative [TDI]
617.418.0728
CLICK HERE TO TAKE THE SURVEY

 

Your BBB and COVID-19

Paula FlemingChief Marketing & Sales Officer
Better Business Bureau Serving Eastern MA, ME, RI & VT
290 Donald Lynch Boulevard, Suite 102
Marlborough, MA 01752-4705

 

CCAPE is offering online training options to assist our employers in responding to and navigating the creation of a remote workplace.

Three Options Available
Remote Meetings Essentials Course
FREE 1-hour Live Stream Training
Managing & Facilitating Remote Meetings
Comprehensive 5-session Course
Customized Training
Online training specifically designed for your organization’s situation & needs.
Remote Meetings Essentials Course
With social distancing now a reality for many, knowing how to access and leverage online tools for effective customer and staff meetings may be essential to do your job. How do you connect remotely? Where do you start?
We’ve all been on the conference call we wished would end. What if you could run remote meetings where work got done? What if you could engage and collaborate with co-workers while keeping at a safe distance? Understanding how to use technology and leverage a few tools means you can achieve these goals.
Join us for this free online program to learn the basics of Zoom and Skype for meetings, how to leverage shared documents, and other tips, tools, and resources to keep your meetings on track.
REGISTER TODAY FOR ONE OF OUR THREE FREE SESSIONS
Dates:
Thursday, March 26, 2020 from 10-11am
Location: Online via Zoom
Instructors: Jen Vondenbrink & Melanie Obitz-Bukartek
Facilitated by professional trainers who are the instructors for our Managing and Facilitating Remote Meetings online course, scheduled to begin online on April 9, 2020.
Cost: FREE
Please ensure that the registration form is filled out completely and accurately. Do note, you will not have a course or section number. Be sure to include the date you wish to participate.
Laura, the CCAPE Administrative Assistant, will reach out to you with Zoom login information and more details once you send in your registration form.
Call 508-375-5013 with any questions!
Managing and Facilitating Remote Meetings
Ineffective remote meetings can cost your organization thousands of dollars per year. Knowing how to set expectations, organizing, and facilitating conference calls and video meetings are essential skills for everyone in the workplace. In this course, participants will actively learn how to manage and facilitate remote meetings using various online meeting software. To support learning, they will experience what it is like to be a participant in an effective and engaging remote meeting.
The skills course participants will gain are Remote Meeting Management, Remote Meeting Technology Management, Facilitating Remote Meetings, Time Management, Effective Communication, and Problem-solving.
Dates: Thursdays ONLINE 4/9/20-5/7/20 (5 sessions)
April 9th: 1-2:30pm
April 16th: 1-3pm
April 23rd: 1-4pm
April 30th: 1-3:30pm
May 7th: 1-3pm
Instructors: Jen Vondenbrink and Melanie Obitz-Bukartek
Course Code: WPG285-67
Cost: $249 per person
Customized Training
CCAPE is committed to supporting our employers as they navigate this unprecedented situation. Our team will work with you to provide fully remote training programs to help your employees develop a comfort level and the skills needed to continue to be productive and effective in a remote workplace.
We understand the impact facing our employers. Customized training programs related to the current crisis will be offered at a reduced rate.
To discuss how CCAPE can be of assistance to your organization, please contact
Michelle Constantino, Employer Relations and Contract Training Manager at
508-364-0923 or mconstantino@capecod.edu.
The Center for Corporate and Professional Education (CCAPE)
Community Education
CCAPE offers a valuable opportunity to acquire new professional skills, earn certifications, brush up on technology, improve business practices, enhance marketing efforts, and start a new business.
Course Schedule
Professional Certificate Programs
Executive Education
Corporate and Professional Resources
CCAPE specializes in assessing, designing, and delivering affordable customized training to our community’s employers. We will evaluate your training needs and design a customized training program specifically for you and your staff.
Contract Training
Workplace Training
Workforce Training Funds
The Center for Corporate and Professional Education at Cape Cod Community College provides high-quality, career-relevant, accessible training solutions to individuals, businesses and community organizations in our region to achieve and sustain economic prosperity.
For any questions about the offerings mentioned in this newsletter or other CCAPE classes, contact Danielle Dupuis, Program Coordinator at 508-375-5015 or ddupuis@capecod.edu or visit us at www.capecod.edu/CCAPE.
To learn how CCAPE can customize training programs for your company or organization, contact Michelle Constantino, Employer Relations and Contract Training Manager at 508-364-0923 ormconstantino@capecod.edu.

 

 

EforAll COVID-19 Entrepreneur Resource List 

 

 

 

SBA Disaster Loan Assistance Funds are now available for eligible New Bedford businesses and non-profits. Small businesses can apply directly to SBA and the application is processed online via   https://disasterloan.sba.gov/ela .
Here is the step by step guide from the SBA.
News from the Governor’s Office
The Baker-Polito Administration announced economic support for small businesses with a $10 million loan fund to provide financial relief to those that have been affected by COVID-19. The fund provides emergency capital up to $75,000 to businesses impacted by COVID-19 with under 50 full- and part-time employees, including nonprofits.
Loans are immediately available to eligible businesses with no payments due for the first 6 months. Massachusetts Growth Capital Corporation (MGCC) has capitalized the fund and will administer it. Please complete the application found on MGCC’s website: EmpoweringSmallBusiness.org
As always, visit www.nbedc.org for additional information.

 

AIM COVID-19 Update for Employers, April 1

Governor Charlie Baker extends until May 4 his emergency order requiring that all businesses and organizations that do not provide “COVID-19 Essential Services” close their physical workplaces and facilities. Meanwhile, the state has updated its list of essential services.

Here are the latest developments affecting employers.

READ THE ARTICLE

Visit AIM’s COVID-19 Resource Page for Employers

 

Thanks for your continued interest in the U.S. Chamber’s small business programs. Here at the Chamber, we recognize what a challenging time this is for small businesses in particular, and we appreciate your partnership, feedback, and ideas so we can build smart content and helpful resources to support you and your business.

Yesterday, we sent out a press release highlighting our efforts; calling out the headlines for your quick review:

  • We launched a step-by-step guide to help small businesses, sole proprietors, and independent contractors navigate the $2T stimulus, and the $350B in emergency loans created by Congress to help you keep your workers employed. Take a look at this guide and view thisinteractive map to show the aid available to small businesses on a state-by-state basis.
  • Last Friday, we were honored to host over five thousand small business owners, like you, for a national small business town hall. Through that forum and others, we are here to answer your questions and support you. You can watch the recording here to learn more about how the $350B stimulus can help you, and hear our answers to some of the two thousand questions we were asked live. And for those that we couldn’t get to live, here’s an FAQs document to help.
  • For additional resources and information, on everything from loss of business to remote work, CO— by the U.S. Chamber offers quick tips and deeper reads to help you navigate the new challenges posed to business owners by Covid-19.

Finally, we’re here to help. The Chamber is here for you both now and down the road. To learn more about the work and the resources that the Chamber offers, please contact Cody Kleinheksel atsmallbusiness@uschamber.com or 800-638-6582.

Stay tuned for additional events and resources for small businesses during this unprecedented time of change and uncertainty. And, in the meantime, we hope that you, your families, and employees stay safe, well, and healthy.

Best,
CO— Events Team


U.S. Chamber Creates Coronavirus Loan Guide to Help Small Businesses
 
FOR IMMEDIATE RELEASE
​​​​​​​ 

Washington, D.C.
— The U.S. Chamber of Commerce has created a guide to help small businesses, independent contractors, and gig economy workers prepare to file for a coronavirus relief loan under the Coronavirus Aid, Relief, and Economic Security(CARES) Act.

The U.S. Chamber’s Coronavirus Small Business Guide (available atuschamber.com/sbloans) outlines the steps small businesses should take now and prepare to access much-needed funds to help keep their workers on the payroll during this disruptive period. Further guides will be developed as the CARES Act becomes implemented.

“The U.S. Chamber of Commerce is working with state and local chambers across the country to provide businesses with the information they need to stay afloat and keep people employed during the pandemic,” said Suzanne Clark, President of the U.S. Chamber of Commerce.“This comprehensive guide ensures small business owners fully understand what aid is available to them and how to access those funds as quickly as possible. We remain committed to ensuring no family or business goes bankrupt due to financial hardships associated with the coronavirus.”

Additionally, to help small businesses, the U.S. Chamber of Commerce has compiled an interactive map to show the aid available to them on a state-by-state basis (please click here to see that information).

Last week, Congress passed the CARES Act which allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100 percent federally guaranteed loans to small businesses who maintain their payroll during this emergency. Furthermore, these loans may be forgiven if borrowers maintain their payroll during the crisis.

The U.S. Chamber of Commerce is committed to helping American businesses respond to the coronavirus so they can support their employees, customers, and communities. Our members and the state and local chambers, who are on the front lines of this pandemic, need us now more than ever to help them through this significant disruption. We will continue working every day to help our country’s people, businesses, and economy weather this storm and emerge stronger—just as we have at other challenging times in our nation’s history. Visit uschamber.com/coronavirus for more information.

 

A compilation of local and national resources for small businesses in our community.

We’re committed to helping small business owners in Massachusetts and Rhode Island succeed, especially in light of the impact COVID-19 has had on area businesses. Please find links below to resources aimed at helping our small business customers during this challenging time. Check back frequently for updates to this small business resource list.

EXPRESS5 BUSINESS LOANS

Minimal Documentation, Simple Closing, Loans up to $100,000 LEARN MORE

Coronavirus Relief for Small Businesses

    • SBA Economic Injury Disaster Loan (EIDL) Program
      The EIDL program can provide assistance to eligible businesses and non-profits impacted by COVID-19.
      https://disasterloan.sba.gov/ela
    • Facebook Small Business Grants Program
      With many businesses experiencing disruptions resulting from the global outbreak of COVID-19, Facebook is offering $100M in cash grants and ad credits to help during this challenging time.
      https://www.facebook.com/business/boost/grants
    • New Bedford Economic Development Council Micro-Loan
      The New Bedford Economic Development Council has a portfolio of lending products to assist your business needs. Financing programs include but are not limited to: Entrepreneurial Loan Fund, Fishing Assistance Loan Fund, and a Community Loan Fund.
      http://www.nbedc.org/loan-programs
    • U.S. Chamber of Commerce – Combating the Coronavirus
      Information from the U.S. Chamber of Commerce on Coronavirus (COVID-19), including resources and guidelines for businesses, business response updates, and details on economic impact in the U.S. and around the world.
      https://www.uschamber.com/coronavirus
  • SCORE Guidance for Small Businesses During the Coronavirus Outbreak
    Small businesses are a vital part of the U.S. economy. With the recent news and concerns of the novel coronavirus (COVID-19), SCORE is sharing the latest business resources, assistance and guidance.
    https://www.score.org/content/small-business-disaster-preparedness-resources
  • IRS Coronavirus Tax Relief Updates
    The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the coronavirus.
    https://www.irs.gov/coronavirus

Small Business Financing – Tips & News