Community Corner
Tewksbury Small Business Coronavirus Relief Options
To ease your fears about keeping up with payments on your current or potential SBA loan? The Small Business Debt Relief Program could help.
April 7, 2020
Find out what's happening in Tewksburyfor free with the latest updates from Patch.
Massachusetts District Office - April 2020
Don't know where to get started?
Find out what's happening in Tewksburyfor free with the latest updates from Patch.
SBA's disaster programs spelled out in just a few clicks.
The following questions might help point you in the right direction.
Do you need:
Capital to cover the cost of retaining employees?Then the Paycheck Protection Program might be right for you.
A quick infusion of a smaller amount of cash to cover you right now?
- You might want to look into an Emergency Economic Injury Grant.
- If you have an existing relationship with an SBA Express lender, the Express Bridge Loan might be a good fit to get up to $25K quickly. Look for Express Lenders
To ease your fears about keeping up with payments on your current or potential SBA loan? The Small Business Debt Relief Program could help.
Just some quality, free counseling to help you navigate this uncertain economic time? The resource partners are available for virtual counseling sessions.
Frequently Asked Questions
If I am applying or already received an Economic Injury Disaster Loan, is my small business eligible to participate in the Paycheck Protection Program?
- Borrowers can apply for BOTH an Economic Injury Disaster Loan and the Paycheck Protection Program loan.
- However, the Paycheck Protection Program loan funds and the Economic Injury Disaster Loan funds cannot be used for the same purpose.
- The Paycheck Protection Program loan must be used for payroll (minimum of 75% of the funds received) for it to be eligible for a forgivable loan and the remaining 25% is used for different purposes (mortgage interest, rent, utilities, other services).
- Borrowers who accept both loan funds should document the uses of the funds appropriately.
- If your Economic Injury Disaster Loan was used for payroll costs, your Paycheck Protection Program loan must be used to refinance your Economic Injury Disaster Loan.
- Any advance up to $10,000 on the Economic Injury Disaster Loan will be deducted from the loan forgiveness amount of the Paycheck Protection Program loan.
- For example, a borrower may obtain a loan from the Paycheck Protection Program and use those funds to pay for 8 weeks of payroll or employee retention. They may wish to then dedicate their entire EIDL funds towards working capital, notes payable and accounts payable that do not duplicate the funds provided through the Paycheck Protection Program. If the EIDL loan was used for payroll expenses, the borrower must refinance the EIDL loan with the PPP loan which carries a lower interest rate as well as a shorter maturity period.
- If you are applying for both, you can accept PPP first – then decide whether or not to close on your EIDL approved loan.
- The application period for PPP loans runs through June 30, 2020, but the EIDL application period runs through December 2020.
- EIDL Loan advances will start to be distributed this week. $1000 per employee up to $10,000 max
- EIDL Loans - IF YOU DID NOT APPLY THROUGH THE STREAMLINED PROCESS WHICH STARTED LAST WEEK, SBA request that you visit https://covid19relief.sba.gov/#/ and reapply with the secure streamlined process. You will not lose your place in queue with your original EIDL loan application.
- EIDL loans will not require a personal guarantee for loans under $200,000
- EIDL loans will not require real estate collateral for loans under $500,000. SBA will be looking be best available lien priority on all business assets or other business assets.
Please direct all inquiries and questions to our District Office email at:
WHERE DO I GO NEXT?
FREE and confidential counseling services are available across the Commonwealth.
Virtual education, training and networking sessions are happening daily.
Please schedule a virtual session with any of our Resource Partners below...
Resource Partner Network
Eastern Massachusetts Center - Boston44 School St., Suite 200Boston, MA 02108info.EasternMA@cweonline.org
Central Massachusetts Center - Westborough69 Milk St., Ste. 217Westborough, MA 01581info.CentralMA@cweonline.org
Veterans Business Outreach Center of New England (VBOC of NE)132 George M. Cohan Blvd.Providence, RI 02903info.VBOC@cweonline.org
WE ARE OPEN FOR BUSINESS!
Staff are working remotely and can be reached via email or telephone. MSBDC is committed to supporting entrepreneurs during these very challenging times.
MSBDC advisors can assist businesses with disaster loan applications.
If you are not currently a client and would like to speak with a counselor, please find your region and reach out to the REGIONAL OFFICE SERVING YOU.
Berkshire Regional Office33 Dunham Mall, Suite 103Pittsfield, MA 01201413-499-0933 | Fax: 413-499-3005www.msbdc.org/berkshire
Central Regional OfficeClark UniversityThe Carriage House, 125 Woodland StreetWorcester, MA 01610508-793-7615 | Fax: 508-793-8890www.clarku.edu/offices/sbdc
Northeast Regional OfficeSalem State University121 Loring Avenue, Suite 310Salem, MA 01970978-542-6343 | Fax: 978-542-6345www.salemstate.edu/sbdc
Procurement Technical Assistance CenterScibelli Enterprise Center1 Federal Street, Building 1Springfield, MA 01105413-545-6303 | Fax: 413-737-2312https://www.massptac.org
Southeast Regional Office200 Pocasset StreetFall River, MA 02721508-673-9783 | Fax: 508-674-1929www.msbdc.org/semass
Western Regional OfficeScibelli Enterprise CenterOne Federal Street, Building 101Springfield, MA 01105-1160413-577-1768 | Fax: 413-737-2312www.msbdc.org/wmass
Counseling Sessions with BOSTON SCORE CHAPTER:If you want to speak with a counselor, SCORE is doing tele-consults. Just pick a date and time to schedule a session and enter your contact info, mentors are doing sessions by phone and Zoom video app. Reach out to other SCORE CHAPTERS throughout the state below.
SCORE Boston Chapter
SCORE Worcester Chapter
SCORE Northeastern Massachusetts Chapter
SCORE Southeastern Massachusetts Chapter
SCORE Western Massachusetts Chapter
SCORE Cape Cod Chapter
SCORE Rhode Island (Serving Fall River, New Bedford)
UPCOMING Virtual Events
Tuesday 4/7/20 at 10amCurrent Information on SBA Economic Relief for Small Businesses
Thursday, 4/9/20 at 10amCARES Act: What's in it for Startups?
Thursday, 4/9/20 at 11AMBECMA: Virtual Conversation with SBA Bob and Nadine
Thursday 4/16/20 at 10amIntellectual Property for Small Businesses
Wednesday 4/29/20 at 10amFunding Options - What to consider and Where to Find It.
Disclaimer: The SBA does not endorse the organizations sponsoring linked websites, and does not endorse the views they express or the products/services they offer. All programs and services are extended to the public on a nondiscriminatory basis.
This press release was produced by the Town of Tewksbury. The views expressed here are the author’s own.
