Hello,

We received this information from Secretary Kennealy of the MA Executive Office of Housing & Economic Development, it is compiled from both their emails and what they shared on a phone call with Business Associations and Municipal Staff today (April 3^th).  

For each of the programs below, be aware that lenders are still working on getting the information they need from the Federal Government. It is recommended to contact your lender and let them know you’re interested, but please be patient if they indicate they need a few days to be ready to take applications.

 

For each program it is strongly recommended that you speak first with the bank that you have a relationship with first, as this will make the process smoother. However, if your business does not currently have a lending relationship with a bank, or does not have a relationship with a bank giving these loans, you may contact a different bank. 

 

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 0.5% interest rate and a 2-year maturity; there are no payments for the first six months.

·        Who can apply? Businesses, non-profits, Veterans organizations, Tribal concerns, sole proprietorships, self-employed individuals, and independent contractors, with 500 or fewer employees.

·        When can I apply? The Paycheck Protection Program will be available beginning on Friday, April 3rd. Applications must be submitted by June 30, 2020.

·        How do I apply? You can apply for the Paycheck Protection Program through any existing SBA 7(a) lender or through any participating federally insured depository institution, federally insured credit union, or Farm Credit institution. Ask your local lender if it is participating in the program. 

·        What else should I know? The SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. The program will be available retroactive from February 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020.

·        Read more here: https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp#section-header-4  

·        Retroactive through end of February, so you can re-hire people let go during March and take advantage of this.

·        Supposed to open today (April 4^th), but there are delays because guidance to banks is still coming out today

 

The Economic Injury Disaster Loan Advance is a Loan Advance of up to $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. [This may be $1,000 per employee, up to $10,000]

·        Who can apply? If you have applied or intend to apply to the Economic Injury Disaster Loan program, you can also apply for a Loan Advance.

·        When can I apply? The Loan Advance is available now. 

·        How do I apply? Visit the SBA’s website to submit an application for the Economic Disaster Injury Loan and Loan Advance.

·        What else should I know? Please note that you should submit an application at the above link, even if you’ve previously submitted an EIDL application prior to the Loan Advance being available.

·        Read more here: https://www.sba.gov/page/disaster-loan-applications#section-header-0

The SBA is also offering Debt Relief to small businesses. Under this relief, the SBA will pay the principal and interest for six months beginning March 27^th, 2020 for qualifying new and current holders of 7(a) loans.

·        Who can apply? Businesses who already have a covered 7(a) SBA loan or receive a 7(a) SBA loan prior to September 27, 2020.

·        When can I apply? This relief is applied for covered loans beginning with payments due after March 27, 2020.

·        How do I apply? Reach out to your SBA lender to discuss how this debt relief applies to your SBA loan.

·        What else should I know? This debt relief is available only to 7(a) loans and not to loans made under the Paycheck Protection Program, 504 loans, or microloans.

·        Read more here: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources#section-header-4

 

Don’t forget that you can still apply for two other Small Business Administration loan programs:

·        Economic Injury Disaster Loans are available through the SBA website; apply here. EIDL loans can be up to $2M, with interest rates of 3.75%, and are for businesses whose revenues were adversely impacted by the coronavirus outbreak.

·        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.

Alicia L Hunt

Acting Director of Community Development

Director of Energy & Environment

Environmental Agent

 

City of Medford

City Hall, Room 205

85 George P. Hassett Dr.

Medford, MA 02155

(w) 781-393-2480

 

Twitter: @GoGreenMedford

 

 

 

 

 

This morning I was on a conference call with Mayor Breanna Lungo-Kern, Chief of Staff David Rodrigues, State Representative Paul Donato, State Representative Christine Barber, State Representative Sean Garballey and other Representatives from the City and State delegation. The purpose of the Chamber invitation to the conference was to give an update of what the concerns and questions are from the businesses in Medford. Over the past week I have communicated with a lot of Medford businesses and they all had the same concerns as well as some specific issues. The majority of the concerns were, of course, financial and funding availability as well as how to apply for it. Based on our meeting the City and State are working tirelessly to create and push through legislation while doing everything they can to get the funds out. The state is constantly updating their website daily and recommends monitoring what they are doing. This web address for businesses is as follows : https://www.mass.gov/info-details/covid-19-guidance-and-directives#businesses-&-employment-

 

Also, the acting director of The Medford Community Development office is working on CDBG funding to help the businesses of Medford. The Mayor and her staff are working constantly to help get us through this pandemic

 

 

 

 

 

 

 

 

 

 

 

 

 

We are also posting updates on the Chamber Facebook page   https://www.facebook.com/MedfordMAChamber/

 

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.

 

Sincerely,

Mayor Breanna Lungo-Koehn

 

Updates will be posted at medfordma.org as they are available.