Covid 19 Business Information & Resources

On March 27, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was enacted. Over the coming weeks, federal programs to support businesses, payroll, and the unemployed will be unveiled. According to the U.S. Chamber of Commerce, Massachusetts small businesses and employees may see as much as $11 billion in supports. Highlights include:

Paycheck Protection Program (PPP) - Small Business Administration (SBA) loans at favorable rates equal to roughly 10 weeks of  payroll expenses (wages, retirement contributions, health care benefits, other payroll expenses) Maximum loan of $10 million, for period beginning February 15, 2020 and extending to June 30, 2020. Streamlined application process, application fees may be waived, favorable terms, repayment period may be deferred up to 12 monthsUp to 8 weeks of business expense may be forgiven if business retains employees and salary levels. For more information on the Paycheck Protection Program from the Economic Innovation Group here

Economic Injury Disaster Loans (EIDL) - Apply here.  U.S. Chamber of Commerce Small Business Guide and Checklist here. SBA loans of up to $2 million at 3.75% interest, or 2.75% for non-profit entities. Principal and interest deferral for up to 4 years. 48-month repayment terms may be extended up to 30 years based upon ability to pay. Funds may be used for fixed debts, payroll, accounts payable, and other businesses expenses