COVID-19 RESOURCES
Small Business Owners
Small Business Administration (SBA) disaster loan program
Small Business Owners in Massachusetts without other available means of credit are eligible to apply for a low-interest loan from the SBA. Loans up to $2 million are available, and can be paid back over a maximum of 30 years (determined on a case-by-case basis). Interest rates are 3.75% for small businesses and 2.75% for non-profits. The SBA has said that applications can take up to 3 weeks to process.
*For more details on the loans, watch Meg’s most recent Virtual Town Hall on Small Businesses, where she walks through the details of each loan/grant option.
Small Business Owners’ Guide to the CARES Act
The U.S. Senate Committee on Small Business & Entrepreneurship has put together this comprehensive guide on the recently passed $2 trillion CARES Act, which offers significant resources for small businesses, including:
Paycheck Protection Program - capital to cover the cost of paying your employees, which does not need to be paid back if you meet certain criteria
Emergency Economic Injury Grant - A quick infusion of cash to cover business expenses
Delay of Payment of Employer Payroll Taxes - Allows the deferral of payroll taxes through the end of 2020
IRS Assistance
The IRS has extended the deadline for Q1 and Q2 estimated tax payments, annual tax payments normally due on April 15th and income tax return filings normally due on April 15th to July 15th. In addition, the IRS has set up this page which is updated as additional resources and guidance for small business owners are provided.
WORKSHARE PROGRAM
Workshare Programs are an alternative to laying off employees. Employees are able to work reduced hours while collecting unemployment benefits.
SCORE
SCORE, a non-profit organization and SBA partner, offers education and mentorship to small business owners and entrepreneurs. They offer remote mentoring, as well as online webinars and workshops.
CENTER FOR WOMEN IN ENTERPRISE
CWE’s Women’s Business Centers (WBCs), in partnership with the SBA, assist women in starting and growing businesses, through training, resources, counseling and networking.
Massachusetts Small Business Development Center Network
The MSBDC provides educational training programs and one-on-one business assistance to Massachusetts small businesses. MSBDC advisors can assist with the SBA disaster loan applications.
Facebook Small Business Grants
Facebook is offering $100 million in grants and ad credits for up to 30,000 businesses. Criteria has not been announced and applications have not opened yet, but you can sign up on their website for more information when it’s released.
Kiva 0% Interest Loans
Kiva is offering 0% interest loans to small business owners in the U.S. Loans are up to $15,000 with grace periods of up to 6 months.
Hello Alice Business Grants
Hello Alice is offering $10,000 grants to small business owners affected by the coronavirus, to be distributed immediately. Grant recipients will also receive ongoing support from the Hello Alice community
Google Small Business FUND
The Grow With Google Small Business Fund has been set up to help small businesses weather the storm through COVID-19. The Fund works with community development financial institutions (CDFIs) to support short and long-term recovery of small businesses. The Fund will provide low-cost, fixed-interest loans with up to 10-year terms, with interest deferred in the first year. The Fund has not yet opened for applications.