Dear <<First Name>>,
This week, the U.S. Small Business Administration has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19.
SBA’s EIDL program offers long-term, low interest assistance for a small business or non-profit. These loans can provide vital economic support to help alleviate temporary loss of revenue. EIDL assistance can be used to cover payroll and inventory, pay debt or fund other expenses. Additionally, the EIDL Advance will provide up to $10,000 ($1,000 per employee) of emergency economic relief to businesses that are currently experiencing temporary difficulties, and these emergency grants do not have to be repaid.
SBA’s COVID-19 Economic Injury Disaster Loan (EIDL) and EIDL Advance
- The SBA is offering low interest federal disaster loans for working capital to small businesses and non-profit organizations that are suffering substantial economic injury as a result of COVID-19 in all U.S. states, Washington D.C., and territories.
- These loans may be used to pay debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact, and that are not already covered by a Paycheck Protection Program loan. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
- To keep payments affordable for small businesses, SBA offers loans with long repayment terms, up to a maximum of 30 years. Plus, the first payment is deferred for one year.
- In addition, small businesses and non-profits may request, as part of their loan application, an EIDL Advance of up to $10,000. The EIDL Advance is designed to provide emergency economic relief to businesses that are currently experiencing a temporary loss of revenue. This advance will not have to be repaid, and small businesses may receive an advance even if they are not approved for a loan.
- SBA’s EIDL and EIDL Advance are just one piece of the expanded focus of the federal government’s coordinated response.
- The SBA is also assisting small businesses and non-profits with access to the federal forgivable loan program, the Paycheck Protection Program, which is currently accepting applications until June 30, 2020.
For additional information, please visit the SBA disaster assistance website at SBA.gov/Disaster.
Please read on below for new, updated, and important information surrounding the COVID-19 crisis and see our past newsletters if you haven't had a chance to read them already for more relevant guidance and directives following Governor Baker's declaration of a state of emergency on March 10th. Visit Mass.gov for complete information, check the municipal websites for Gloucester, Rockport, and Essex for local guidance, and text "COVIDMA" to 888-777 to receive COVID-19 text message alerts straight to your phone.
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Sector Reopening Webinar Series
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The North Shore Chamber of Commerce is hosting another webinar series on the reopening process, bringing together specific industry sectors to discuss their reopening strategies, challenges, and best practices. Attendees will benefit from hearing the goals and ideas of particiapnts and peers in their industry.
- Thursday, June 18th at 10 AM - Childcare Sector
- Friday, June 19th at 10 AM - Energy Sector
- Monday, June 22nd at 10 AM - Media Sector
- Tuesday, June 23rd at 10 AM - PR/Communications Sector
The webinars are free, but attendees must pre-register.
Additionally, recordings of the first round of webinars are now available for viewing. They can be found on the North Shore Chamber of Commerce message board.
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Unemployment Virtual Town Halls
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In order to better meet the needs of residents whose employment has been affected by COVID-19, the Executive Office of Labor and Workforce Development and the Department of Unemployment Assistance will be hosting virtual town hall meetings. They will take all who sign up through a step by step process of achieving a successful unemployment claim and will be taking questions from applicants across the Commonwealth.
The following town halls are currently scheduled:
- Thursday, June 18 at 2:30 PM
Sign up now to attend a virtual town hall meeting.
The Department of Unemployment Assistance has made specific web page updates that include the latest COVID-19 guidance for employee qualifications. To learn more about unemployment insurance and how to apply, visit the Massachusetts Department of Unemployment Assistance website.
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The 2020 Census is Happening Now
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With everything else happening, it is easy to overlook that the 2020 Census is happening right now. While you may have received a reminder in the mail, the normal door-to-door census operations have been suspended due to COVID-19. Fortunately, you can now fill out the census online in just a few minutes.
The census happens every ten years and is critical to the services that Massachusetts residents depend on. More than $3 billion each year comes to Massachusetts from the federal government directly based on census counts. These funds support education, health care, transportation, housing, and more in our communities. Howevever, Massachusetts communities are at risk of an undercount in the 2020 Census. If we do not get a complete and accurate count of every single person living in the state, we are at risk of losing out on these critical resources.
Please take a few minutes right now to fill out the census online and share with your friends and family. Our communities depend on the funding that results from accurate census counts. Do your part to make sure every Massachusetts resident is counted so we can receive the federal dollars that support the services we all depend on.
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