Below is a list of useful links and updates about COVID-19 resources. We are continuing to add information to this page.
Resources for Businesses
Beverly Main Streets
We are collecting info from downtown businesses in this form Are you open / closed / offering outdoor dining, shopping, take out etc?
City of Beverly
State of Massachusetts
Work Share (Employers can divide available work between affected employees instead of laying off workers)
Massachusetts Small Business Development Center
If you do not already have an SBA coach, and you have questions regarding the Economic Injury Disaster Loan (EIDL) and Payroll Protection Plan (PPP) process, the Massachusetts Small Business Development Center (MSBDC) would be happy to answer questions. They provide one-to-one confidential free advising. Your must first complete a Request for Counseling (RFC). The RFC may be obtained at http://sbdc.salemstate.edu/rfc.html .
- If you are already a client of the MSBDC-Northeast Regional Office, please email your advisor for the next step in the process: Walter Manninen: email@example.com; Awilda Irizarry: firstname.lastname@example.org; Nancy Gerardi: email@example.com
- If you do not have an advisor yet at the MA Small Business Development Center or forgot their name, please email: Kaitlin Muldoon: firstname.lastname@example.org.
PAYCHECK PROTECTION PROGRAM LOANS Frequently Asked Questions (FAQs) updated as of 4/7
Helpful Phone Numbers – SBA Resources for EIDL and PPP
- SCORE – 978.927.2282
- Center for Women & Enterprise – 617.536.0700
- Small Biz Development Ctr (SBDC) – 978.542.6343
US Small Business Administration
Coronavirus (COVID-19): Small Business Guidance & Loan Resources
“The Small Business Administration will resume accepting PPP loan applications on Monday, April 27 at 10:30 AM EDT from approved lenders on behalf of any eligible borrower. This will ensure that SBA has properly coded the system to account for changes made by the legislation.”
Summary of U.S. Small Business Administration (SBA) Financial Assistance
The Paycheck Protection Program (PPP) is a loan program designed to provide a direct incentive for small businesses to keep workers on the payroll. Loans are up to $10M, with a 1.0% interest rate and a 2-year maturity; there are no payments for the first six months.
The Economic Injury Disaster Loan Advance is a Loan Advance of $10,000 that is available to applicants who have been approved for an Economic Injury Disaster Loan; it does not need to be repaid, so you can think of the Advance as a grant for business expenses.
The Express Bridge Loan Program is available to businesses that have an existing business relationship with an SBA-approved lender; speak to your lender about accessing this option while you await a decision on long-term financing.
The SBA is also offering Debt Relief to small businesses. Under this relief, the SBA will automatically pay the principal and interest for six months beginning March 27th, 2020 for qualifying new and current holders of 7(a) loans, 504, and microloans
Federal Tax Relief Provisions
The Employee Retention Tax Credit is a tax credit against federal tax liability that can benefit almost any employer (regardless of size and including tax-exempt organizations) whose business has been either fully or partially suspended by government orders due to COVID-19, or whose revenues have been significantly impacted by the COVID-19 outbreak. The purpose of the credit is to reduce a portion of the costs of keeping employees on payroll and provide direct relief to businesses. Employers can have an effective “refund” (tax credit) of up to $5,000 per employee by reducing their required payroll deposits. Eligibility for the credit is impacted by the business’ utilization of other federal stimulus programs. Read more about this provision in the IRS’s policy document and keep an eye on the IRS’s Coronavirus Tax Relief page for additional guidance as it becomes available.
State Tax Relief
The Massachusetts Department of Revenue (DOR) is actively monitoring the latest developments regarding the COVID-19 coronavirus. Please visit their COVID-19 Coronavirus Response Update page for the latest on filing and payment extensions and penalty relief, tax or debt resolutions, communicating with DOR, and more.
Families First Coronavirus Response Act: Employer Paid Leave Requirements
- The federal Emergency Paid Sick Leave Act and FMLA Expansion (Families First Coronavirus Response Act) goes into effect on April 1
- Employer Leave Obligations during COVID-19
- US Department of Labor – FAQs about Families First Coronavirus Response
Grants, Loans, Crowd Funding and more
On 12/23, Gov Baker announced a new $668M grant program for for-profit businesses. It’s a huge expansion of the $50M Small Business Grant Program which was announced in October. This was run thru Mass Growth Capital Corp (www.empoweringsmallbusiness.org).
If you applied for one of these grants and didn’t receive one (announced on 12/21), you are automatically entered into this new pool of money. You don’t need to re-apply. Grants will be awarded over the next 2 weeks.
If you didn’t already apply for one of those grants, you will be able to apply starting December 31. Applications will close January 15 and $ will be distributed in February. More info will be on the MGCC website this Monday (https://www.empoweringsmallbusiness.org).
You may request up to $75,000 or 3 months of cost of operations (payroll, rent, utilities, etc). You have to be able to document that you had a loss equal to or greater than the amount you request.
Small Business Relief Tracker: Funding, Grants And Resources For Business Owners Grappling With Coronavirus (note – some of these resources, especially the grants, are available on a first-come, first-served basis so apply sooner rather than later)
LISC Small Business Recovery Grant Program for Massachusetts – The link to the application will be available online beginning Monday, April 20 at noon, 12 PM EST and will close on Friday, April 24 at noon, 12 PM EST.
US Department of Labor
To make a donation of supplies to Beverly Hospital
Downtown Boston and surrounding area
Reliable PPE & Plexiglass Sources
Salem Plumbing Supply – support local!
Conley Drug Store
Trimark United East
Gordon Food Services
Picture Hanging Systems (sneeze guards)
Resources for Restaurants
https://www.mass.gov/info-details/safety-standards-and-checklist-restaurants Effective: November 6, 2020
This Technical Information Release announces that the Department of Revenue will waive any late-file or late-pay penalties imposed under G.L. c. 62C, § 33 for returns and payments due during the period March 20, 2020 through May 31, 2020, for certain taxpayers with meals tax and room occupancy excise obligations. TIR 20-2: LATE-FILE AND LATE- PAY PENALTY RELIEF FOR CERTAIN BUSINESS TAXPAYERS AFFECTED BY THE COVID-19 STATE OF EMERGENCY
Resources for Artists
Mass Cultural Relief fund for artists – due April 22
Resources for Non-profits