COVID-19 Business / Employer Assistance Resources
Important COVID-19 Response Update from Massachusetts Department of Revenue (DOR):
Filing and payment extensions, penalty relief, extended due dates and tax or dept resolutions available from the DOR as a result of COVID-19.
MassHire Workforce Association (MHWA):
A one page sheet of resources for businesses from the MHWA. Updated 5/13/2020.
COVID-19 Resources and Guidance for Businesses:
The Baker-Polito Administration is committed to partnering with the business community to navigate the outbreak of COVID-19.
Sector-Specific Relief Grant Program for Massachusetts Businesses:
The Commonwealth of Massachusetts has made an additional $668 million available to support businesses through new and existing programs. Massachusetts Growth Capital Corporation (MGCC) will target a portion of these funds to sectors experiencing the most significant economic hardship and a loss of revenue due to the COVID-19 pandemic.
These funds were appropriated through the Commonwealth’s Operating Budget for Fiscal Year 2021 (FY21) as well as the CARES Act of 2020.
SBA Funding Options:
The U.S. Small Business Administration’s web page of traditional funding and temporary programs established by the CARES Act to address the COVID-19 outbreak.
- Are self-employed and have no employees; OR
- Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR
- Experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of their employees by more than 25%.
- Paycheck Protection Program (PPP)
This loan program provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program. On May 28 the U.S. Senate by unanimous consent cleared the House-passed bill to extend the Paycheck Protection Program. The bill was signed by the President.
- Extends to Dec. 31 from June 30 a period in which loans can be forgiven if businesses restore staffing or salary levels that were previously reduced. The provision would apply to worker and wage reductions made from Feb. 15 through 30 days after enactment of the CARES Act, which was signed into law on March 27.
- Maintains forgiveness amounts for companies that document their inability to rehire workers employed as of Feb. 15, and their inability to find similarly qualified workers by the end of the year. Under the modified measure, companies would be covered separately if they show that they couldn’t resume business levels from before Feb. 15 because they were following federal requirements for sanitization or social distancing.
- Extends the deadline to apply for a PPP loan to Dec. 31 from June 30.
- Requires at least 60% of forgiven loan amounts to come from payroll expenses.
- Repeals a provision from the CARES Act that barred companies with forgiven PPP loans from deferring their payroll tax payments.
- Allows borrowers to defer principal and interest payments on PPP loans until the SBA compensates lenders for any forgiven amounts, instead of the current six-month deferral period. Borrowers that don’t apply for forgiveness would be given at least 10 months after the program expires to start making payments.
- Establishes a minimum loan maturity period of five years following an application for loan forgiveness, instead of the current two-year deadline set by the SBA. That provision would apply to PPP loans issued after the measure is enacted, though borrowers and lenders could agree to extend current loans.
More information on PPP.
Frequently ask questions about the PPP from the SBA.
On June 19th the U.S. Small Business Administration, in consultation with the Department of the Treasury, posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020, signed into law by President Trump on June 5, 2020. In addition to revising the full forgiveness application, SBA also published a new EZ version of the forgiveness application that applies to borrowers that:
The EZ application requires fewer calculations and less documentation for eligible borrowers. Details regarding the applicability of these provisions are available in the instructions to the new EZ application form.
Both applications give borrowers the option of using the original 8-week covered period (if their loan was made before June 5, 2020) or an extended 24-week covered period. These changes will result in a more efficient process and make it easier for businesses to realize full forgiveness of their PPP loan.
View the EZ Forgiveness Application
View the Full Forgiveness Application
SBA Coronavirus (COVID-19) Small Business Guidance & Loan Resources:
The U.S. Small Business Administration web page of coronaviris resources for funding options, business and employer guidance, local assistance and more.
SBA Local Assistance
Find a U.S. Small Business Administration office near you.
SBA Small Business Resource Guide
The SBA also released its Small Business Resource Guide, full of tools and resources to help businesses with everyday operations and COVID-19 related support. https://online.flippingbook.com/view/621186/44/
New Bedford Economic Development Council Provides SBA Loan Application Forms:
In response to reports of difficultly setting up accounts, logging in, and submitting applications in the SBA Disaster Loan Portal web page due to high volume traffic, the NBEDC is now providing the Disaster Loan Application and associated documents for the SBA Loans Application mentioned above on their website. These documents can be completed and submitted by mail, or simply completed in draft so that they are more easily completed and submitted when you are able to login to the SBA Portal.
A Step-by-Step Guide on How to Apply for an SBA Disaster Relief Loan by the US Chamber of Commerce:
If your business is struggling in the wake of COVID-19, this guide from the US Chamber of Commerce will help you through the application process for a low-interest small business loan.
New Bedford Economic Development Council Loans:
While the NBEDC encourages businesses to submit an SBA Disaster Loan Application when able. They also offer loans that have very favorable terms with no obligation to accept the SBA Loan once approved.
The Empowerment Grant for Small Businesses:
This grant serves as a funding opportunity to support the needs of Massachusetts small businesses amid the COVID-19 outbreak in the spring of 2020. Grants will be focused on small business owners serving Massachusetts Gateway Cities.
Applicants can request up to $2,500 for needs related to continuing operation during and/or after the COVID-19 outbreak. Applications will be open until May 29th.
MassHire Department of Career Services Rapid Response:
Rapid Response is a federally mandated, pre-layoff service designed for companies and employees experiencing a layoff or closing.
A presentation of resources from Rapid Response for businesses that includes contact information for their regional staff who can help businesses with WorkShare, layoff aversion and other opportunities.
The Commonwealth of Massachusetts’ WorkShare is a program that offers a smart alternative to layoffs. Employees work reduced hours while collecting unemployment benefits to supplement their lower wages.
National Small Business Town Hall Presented by Inc. and the U.S. Chamber of Commerce:
Find out what the federal government’s coronavirus stimulus programs mean to your small business in this presentation from Inc. in partnership with the U.S. Chamber of Commerce.
Coronavirus Small Business Guide by the US Chamber of Commerce:
The US Chamber of Commerce complete coronavirus coverage, updated daily with new resources to assist businesses.
Guide to the Employee Retention Tax Credit by the US Chamber of Commerce:
The US Chamber of Commerce’s guide in response to the CARES Act on the new employee retention tax credit that is available to employers who are closed, partially closed, or experiencing significant revenue losses as a result of COVID-19.
A business guide to the December (2020) coronavirus relief package:
On Dec. 21, 2020, Congress passed the Consolidated Appropriations Act, 2021, containing one of the largest relief packages in history at more than $900 billion. This relief package provides direct payments of up to $600 to individuals, restores the Federal Pandemic Unemployment Compensation at $300 per week, provides additional funding for the Small Business Administration’s Paycheck Protection Program while allowing for certain borrowers to draw a second round of PPP funding, and includes grants for shuttered live venue operators.
Here are some of the terms included in the $900 billion legislation.
Download the guide:
Local Initiatives Support Corporation (LISC)Small Business Recovery Grant Program for Massachusetts:
Local Initiatives Support Corporation (LISC) and Citizens are pleased to announce the LISC Small Business Recovery Grant Program which will provide grants to hard-hit small businesses in Massachusetts to weather the immediate financial impact of closures and social distancing measures required to slow the spread of the coronavirus.
COVID-19 Worker Relief Funds, Company Actions, and Impact on Frontline Workers:
The Good Job Institute’s posting resources for workers—emergency funds and more—by city and by profession.
Disaster and Emergency Relief Resources:
A list of disaster and emergency relief resources in response to COVID-19 from across the state by Philanthropy Massachusetts.
Coronavirus and Massachusetts Nonprofits:
A list of resources for non-profits across the state in response to COVID-19 from the Massachusetts Nonprofit Network.