WELCOME TO THE MEDFORD CHAMBER OF COMMERCE
CITY OF MEDFORD ANNOUNCES SMALL BUSINESS & MICROENTERPRISE RELIEF GRANT PROGRAMS
by Jackie Piques
CITY OF MEDFORD ANNOUNCES SMALL BUSINESS & MICROENTERPRISE RELIEF GRANT PROGRAMS
$450,000 available to support local businesses.
MEDFORD - Mayor Breanna Lungo-Koehn and Medford’s Office of Community Development announce two grant programs for small businesses impacted by COVID-19. The “City of Medford Small Business and Microenterprise Relief Grant Programs” are now open for applicants. These programs are intended to assist Medford businesses with challenges around their ability to remain open (or re-open as permitted) and with employee retention in the wake of the global health crisis.
The two programs, totaling $450,000 in relief, will aid in the stabilization of small businesses within the City that have experienced adverse economic impacts due to COVID-19. Program funds may be used by businesses to cover commercial rent or mortgage, employee wages, resources to establish a business’s presence online, and other operating expenses. Additional funding may be released at a later date; details will be released once they are confirmed.
The Microenterprise Relief Grant is open to businesses with five or fewer employees (including the owner) to apply. The Small Business Relief Grant application is available to businesses with six or more employees (including the owner). Applicants may apply for up to $10,000.
For those who are interested, applications to both programs will be accepted through May 31, 2020. To apply for grants for a Microenterprise, visit https://tinyurl.com/MedfordMicroLoan. To apply for grants for small businesses, visit https://tinyurl.com/MedfordSmallBusiness. Please contact Medford’s Office of Community Development at 781-393-2480 or email@example.com with any questions.
This program is made possible by the U.S. Department of Housing and Urban Development, and applicants must meet certain eligibility requirements. These requirements are more thoroughly discussed in the application instructions, some highlights are numbered below. The City of Medford will rank applicants based on pre-determined criteria including but not limited to: women-, veteran-, and minority-owned businesses, brick-and-mortar establishments, businesses who have not yet received financial aid from other sources, and businesses that were required to close under COVID-19 emergency orders.
The business must be a for-profit enterprise
Have a physical establishment within the City of Medford OR belong to a resident of Medford but not have a physical establishment in another municipality
Have no outstanding tax liens or legal judgements
Have been operating in the City of Medford for at least 6 months
Have a business license on file with the Medford City Clerk OR have a license to operate your business with the Commonwealth OR have a credential/license to operate from a professional governing body, if applicable.
Medford residents who own a storefront in a municipality outside of Medford
Medford city services are available to all residents, regardless of economic situation, immigration status, ability, benefit eligibility, or religious affiliation.
Jackie Piques | May 17, 2020 at 7:25 pm | Categories: City Alerts | URL: http://www.medfordma.org/?p=17496
From the Boston District Office of the SBA:
PAYCHECK PROTECTION PROGRAM LOAN FAQ
The Small Business Administration (SBA), in consultation with the Department of the Treasury, intends to provide timely additional guidance to address borrower and lender questions concerning the implementation of the Paycheck Protection Program (PPP), established by section 1102 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act or the Act). This document will be updated on a regular basis.
Borrowers and lenders may rely on the guidance provided in this document as SBA's interpretation of the CARES Act and of the Paycheck Protection Program Interim Final Rule ("PPP Interim Final Rule") (link). The U.S. government will not challenge lender PPP actions that conform to this guidance,1 and to the PPP Interim Final Rule and any subsequent rulemaking in effect at the time.
Question: Can borrowers apply for BOTH an Economic Injury Disaster Loan and the Paycheck Protection Program loan?
Answer: Yes. However, the Paycheck Protection Program loan funds and the Economic Injury Disaster Loan funds cannot be used for the same purpose.
If borrowers are applying for both, they are advised to accept PPP first - then decide whether or not to close on their EIDL approved loan. The application period for PPP loans runs through June 30, 2020, but the EIDL application period runs through December 31, 2020. Borrowers who accept both loan funds should document the uses of the funds appropriately.
-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, however SBA will be looking be best available lien priority on all business assets or other business assets.
-The advance of up to $10,000 on the Economic Injury Disaster Loan will be deducted from the loan forgiveness amount of the Paycheck Protection Program loan. 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.
-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).
-Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
-Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
Question: How much of my loan will be forgiven?
Answer: You will owe money when your loan is due if you use the loan amount for anything other than payroll costs, mortgage interest, rent, and utilities payments over the 8 weeks after getting the loan. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.You will also owe money if you do not maintain your staff and payroll.
-Number of Staff: Your loan forgiveness will be reduced if you decrease your full-time employee headcount.
-Level of Payroll: Your loan forgiveness will also be reduced if you decrease salaries and wages by more than 25% for any employee that made less than $100,000 annualized in 2019.
-Re-Hiring: Employers have until June 30, 2020 to restore their full-time employment and salary levels for any changes made between February 15, 2020 and April 26, 2020.
Question: The CARES Act excludes from the definition of payroll costs any employee compensation in excess of an annual salary of $100,000. Does that exclusion apply to all employee benefits of monetary value? Answer: No. The exclusion of compensation in excess of $100,000 annually applies only to cash compensation, not to non-cash benefits, including:
- Employer contributions to defined-benefit or defined-contribution retirement plans -Payment for the provision of employee benefits consisting of group health care coverage, including insurance premiums -Payment of state and local taxes assessed on compensation of employees
Question: Do PPP loans cover paid sick leave?
Answer: Yes. PPP loans covers payroll costs, including costs for employee vacation, parental, family, medical, and sick leave. However, the CARES Act excludes qualified sick and family leave wages for which a credit is allowed under sections 7001 and 7003 of the Families First Coronavirus Response Act (Public Law 116-127). Learn more about the Paid Sick Leave Refundable Credit here.
Question: What if an eligible borrower contracts with a third-party payer such as a payroll provider or a Professional Employer Organization (PEO) to process payroll and report payroll taxes?
Answer: SBA recognizes that eligible borrowers that use PEOs or similar payroll providers are required under some state registration laws to report wage and other data on the Employer Identification Number (EIN) of the PEO or other payroll provider. In these cases, payroll documentation provided by the payroll provider that indicates the amount of wages and payroll taxes reported to the IRS by the payroll provider for the borrower's employees will be considered acceptable PPP loan payroll documentation. Relevant information from a Schedule R (Form 941), Allocation Schedule for Aggregate Form 941 Filers, attached to the PEO's or other payroll provider's Form 941, Employer's Quarterly Federal Tax Return, should be used if it is available; otherwise, the eligible borrower should obtain a statement from the payroll provider documenting the amount of wages and payroll taxes. In addition, employees of the eligible borrower will not be considered employees of the eligible borrower's payroll provider or PEO.
Question: I need to request a loan to support my small business operations in light of current economic uncertainty. However, I pleaded guilty to a felony crime a very long time ago. Am I still eligible for the PPP?
Answer: Yes. Businesses are only ineligible if an owner of 20 percent or more of the equity of the applicant is presently incarcerated, on probation, on parole; subject to an indictment, criminal information, arraignment, or other means by which formal criminal charges are brought in any jurisdiction; or, within the last five years, for any felony, has been convicted; pleaded guilty; pleaded nolo contendere; been placed on pretrial diversion; or been placed on any form of parole or probation (including probation before judgment).
Question: Should payments that an eligible borrower made to an independent contractor or sole proprietor be included in calculations of the eligible borrower's payroll costs?
Answer: No. Any amounts that an eligible borrower has paid to an independent contractor or sole proprietor should be excluded from the eligible business's payroll costs. However, an independent contractor or sole proprietor will itself be eligible for a loan under the PPP, if it satisfies the applicable requirements.
Question: How should a borrower account for federal taxes when determining its payroll costs for purposes of the maximum loan amount, allowable uses of a PPP loan, and the amount of a loan that may be forgiven?
Answer: Under the Act, payroll costs are calculated on a gross basis without regard to (i.e., not including subtractions or additions based on) federal taxes imposed or withheld, such as the employee's and employer's share of Federal Insurance Contributions Act (FICA) and income taxes required to be withheld from employees. As a result, payroll costs are not reduced by taxes imposed on an employee and required to be withheld by the employer, but payroll costs do not include the employer's share of payroll tax. For example, an employee who earned $4,000 per month in gross wages, from which $500 in federal taxes was withheld, would count as $4,000 in payroll costs. The employee would receive $3,500, and $500 would be paid to the federal government. However, the employer-side federal payroll taxes imposed on the $4,000 in wages are excluded from payroll costs under the statute.
Dear Valued Local Businesses:
In the midst of the Coronavirus public health crisis, we have had to make some incredibly difficult decisions in the best interests of our community. The best and most important thing we can do to slow the spread of the Conoravirus is to enforce social distancing measures, limiting the opportunities for individuals to contract the disease, even from individuals who may not be experiencing symptoms but who could be carriers.
Setting aside for a moment the grave concerns I have for the health of our residents, particularly our most vulnerable populations, I am also acutely aware of the impacts this pandemic and the resulting temporary restrictions have had and will continue to have on your business. It's my sincere hope that by putting bold measures in place now, we can effectively and efficiently slow the spread of the Coronavirus and return to business as usual as soon as possible.
In the meantime we need to take bold action to address the needs of and impacts to our community during this crisis. Earlier this week I declared a Local State of Emergency that will be crucial in helping us secure additional resources and funding and seek reimbursements for actions we deem necessary in addressing COVID-19 in Medford. Yesterday, after very careful consideration, I issued a supplemental order that, effective Saturday, March 21, 2020, all businesses and entities, both public and private, that provide personal care services are to be closed until at least April 6, 2020. This includes, but is not limited to, hair salons, barber shops, nail salons, tattoo parlors, massage parlors, gyms, health clubs, theaters, entertainment venues, and social clubs. You can find the full text of the order HERE.
Again, these are not actions I or the Board of Health take lightly. We understand there are very real impacts to our businesses, but they are necessary in addressing this public health crisis. By limiting the number of places where groups of people can gather and where the virus can easily spread on common surfaces, we’re doing our part to slow the spread of COVID-19, flatten the curve in terms of increases in cases, and help our health care facilities in their ability to serve those most in need of critical care. Many of our area hospitals are already reporting that they’re at or reaching capacity. It’s critical that we take measures to slow the spread of the disease, NOW.
Most importantly, I want to thank you for all of the hard work each of you dedicate to the Medford community. Our local businesses are some of the most important resources to our community both in terms of the goods and services you provide and in terms of the true value you bring to this city. We have a tough road ahead of us but we will get through it together.
Mayor Breanna Lungo-Koehn
The below resources list for businesses was last updated 3/16/20.
February 12, 2020 3PM
Colleen's 61 High Street Medford, MA
Thursday February 13, 2020 6PM-10PM
C.B. Scoops 453 High Street Medford, MA
Wednesday February 26th at 4pm
Liv's Juice & Acai Bar
Carroll's 21 Main Street Medford, MA 02155
This event has been canceled. Sorry
April 26, 2019
This is a night to be proud of ourselves, to be proud of each other, to be proud of the Chamber and to be proud of our Community!
MC for the evening, Medford's very own, Hank Morse, 105.7 WROR!
Citizen of the Year - Rosemary Ardagna, Clay Dreams
Our Incoming Executive Board - 2019-2020
Past President John Veneziano Remax Realty
President-John Costas, Medford Electronics
Treasurer-Justin Lasko, Members Plus Credit Union
Secretary -Tina Caruso, Brookline Bank
Clerk-Judy Lonergan, Lonergan Insurance
Our Incoming Board of Directors - 2019-2022
Pattie Costas Healthcare
David Koehn, Boston Physical Therapy
Patricia McGovern East Cambridge Savings Bank
Paul Donato State Representative
Rosemary Ardagna, Clay Dreams
Domenic Camarra, D & M Realty
Maury Carroll, Carroll's Restaurant
Stephen Pompeo, Pompeo & Sons Insurance
Charlotte Scuderi, RE/MAX Andrew Realty Services
Rocco DiRico Tufts University
Fred Dello Russo Dello Russo Funeral Home
Denise Baker Salvatore's Restaurant
Jay Campbell Jay-Campbell Realty
Sam Tarabelsi Hallmark Health
The Medford Chamber’s Mission is to assist business and public interests throughout the local community, whether it is now or in the future. The chamber is poised to promote local businesses in their efforts to succeed, and encourage business-to-business exchanges and to volunteer the services of our member resources whenever and wherever they may be needed. It is our objective for Medford to have progressive, orderly and planned future development; to meet the needs of all its citizens for services, facilities and economic well-being. Above all, we wish to keep Medford a wonderful and safe place to live, work, and most importantly, to do business.
Medford Chamber of Commerce wishes you all
the Happiest of Holidays!
Our Citizen of the Year Alumni - Annual Banquet 2018
Back, left to right: Annette Hunt, Judy Lonergan, Mary Marquebreuck, Dr. Lorenzo Lepore, Jack Dempsey, Rick Orlando, Patricia McDonough,Patrick Theberge
Front, left to right: Domenic Camarra, George White, Vincent DiClemente, Mike Hayes, Cheryl Delafano, John Costas, Dorothy Newman Burke,
Janice Iannessa, Marty Murphy and Robert Rosselli
For a complete list of COTY Alumni, click the COTY tab at the top of the page.
Photo by Douglas Shoop Photography
Our Board of Directors - Annual Banquet 2018
Back, left to right: Domenic Camarra, John Costas, John Veneziano- President, Tina Caruso, Stephen Pompeo, Fredrick Dello Russo and Justin Lasko
Front, left to right: Patricia McGovern, Rosemary Ardagno, Charlotte Scuderi, Judy Lonergan, Rocco DiRico and Sam Tarabelsi
Directors not in Photo: Maria Faretra- Executive Director, Denise Baker, Jay Campbell, Maury Carroll, Paul Donato and David Koehn
Photo by Douglas Shoop Photography