For assistance: contact John Festa at email@example.com
3/29 Update: The SBA has just revamped and simplified its Disaster Loan Assistance Portal. Now, there are only two documents required: *SBA Form 5/5c – Business Loan Application or Home/Sole Proprietor Loan Application and Form P-019.
Who can apply: small businesses, private non-profit organizations of any size, small agricultural cooperatives and small aquaculture enterprises that have been financially impacted as a direct result of COVID-19. The deadline to apply is Dec. 18, 2020.
Provides working capital loans of up to $2 million with an interest rate of 3.75% and a maximum 30-year term. Applicants may request a loan advance of up to $10,000. Funds will be made available within three (3) days of a successful application, and this loan advance will not have to be repaid. This advance may be available even if applicants were declined or still pending. Current applicants must fill out a new application even if a previous EIDL application was submitted. Applying for the advance will not impact the status or slow the existing application.
For assistance, contact SBA’s Customer Service Center at (800) 659-2955 or email firstname.lastname@example.org for more information on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339.
The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
Highlights of the Program, authorized by the CARES Act, include:
Loans of up to $10 million with an interest rate of 0.5%.
Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—are eligible. Businesses with more than 500 employees are eligible in certain industries.
Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
PPP loans, unlike EIDL loans, are processed through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. You should consult with your local lender as to whether it is participating. A list of participating lenders as well as additional information and full terms can be found at www.sba.gov. (MGCC is NOT a participating lender.
The program will be available retroactive from Feb. 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020.
PPP loans will be available starting on Friday April 3, 2020. Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply.
Express Bridge Loan Pilot Program (Small Business Association)
Facebook is offering $100M in cash grants and ad credits to help during this challenging time. Up to 30,000 eligible small businesses in more than 30 countries where Facebook operates will be able to receive the grant.
To be eligible to apply, you must: have between 2 and 50 employees; have been in business for over a year; have experienced challenges from COVID-19; and be in or near a location where Facebook operates.
LISC will use $2.5 million of Verizon funding to provide grants of up to $10,000 to businesses facing immediate financial pressure because of COVID-19—especially entrepreneurs of color, women-owned businesses and other enterprises in historically underserved communities who don’t have access to flexible, affordable capital.
Grant awards can be used for: paying rent and utilities, meeting payroll, paying outstanding debt to vendors, or other immediate operational costs.
COVID-19 Business For All Grants (Business for All)
Hello Alice with the support of Verizon, Silicon Valley Bank, Ebay, and others is offering $10,000 emergency grants, being distributed immediately to small business owners impacted by this pandemic. If your business has been severely impacted by COVID-19, please complete the full COVID19 Business for All Grant application to apply for immediate support in the form of $10,000 grants.
$10,000 COVID-19 Business for All Grants are awarded on a rolling basis.
[Nonprofits Only] COVID-19 Response Fund (The Boston Foundation)
Given the immediate needs in the 80 communities within our Greater Boston catchment area, the Fund is currently focused on providing general operating support grants to nonprofits whose operations address the basic needs of vulnerable populations that are under additional strain due to the pandemic. Grants are being made on a rolling, weekly basis.
From the Boston Foundation: "We encourage you to complete this form if you are a nonprofit organization that is authentically connected and providing coronavirus related relief to Greater Boston's most vulnerable populations including seniors, children, residents without access to paid sick days, healthcare and gig economy workers, communities of color, immigrants and people with disabilities."
For Small Businesses and Entrepreneurs
Revere business owners seeking general guidance are invited to contact the Small Business Team directly.
COVID-19 Resources and Guidance for Businesses (Baker-Polito Administration)
The Baker-Polito Administration announced administrative tax relief measures for small local businesses which have been impacted by the ongoing COVID-19 outbreak, especially in the restaurant and hospitality sectors.
This tax relief includes postponing the collection of regular sales tax, meals tax, and room occupancy taxes that would be due in March, April and May so that they will instead be due on June 20. Additionally, all penalties and interest that would otherwise apply will be waived.
SCORE Business Mentoring Program (via Lynn Chamber of Commerce)
Interested business owners may email the Lynn Chamber at email@example.com with the subject line “SCORE Consultation Request.”
Requests will be reviewed by Lynn Chamber staff; follow-up will be conducted by a SCORE mentor to provide assistance in identifying possible next steps, including eligibility for loan programs, preparing applications, etc.
Extensive listing of resources and articles compiled by Entrepreneurship for All (EforAll), an entrepreneurship incubator based in multiple Massachusetts communities.
From EforAll: "EforAll is compiling national, regional, and local resources for entrepreneurs and small businesses in our communities. There are some great loan programs being announced but we know that loans are not always the solution and should be explored carefully. Don’t hesitate to contact someone at EforAll for guidance."
Resources and Information for Creative Industries (Creative Collective)
Listing of resources managed by Creative Collective, a Salem-based business program designed to provide opportunities, connections, marketing, collaborations, resources and support for the creative industries.
Small Business Resource Center (Initiative for a Competitive Inner City)
The Massachusetts Department of Career Services (MDCS) uses the Rapid Response team for many important services. The team provides layoff aversion and early intervention services to companies and their employees for free. The Workforce Innovation and Opportunity Act (WIOA) funds this federally-mandated program.
COVID Resources for Nonprofits (The Boston Foundation)
List of resources for Boston and regional nonprofits.
Updated and maintained by The Boston Foundation.
For Impacted Workers
This section includes general information on emergency assistance programs for impacted workers.
The City is partnering with the nonprofit CONNECT and its Covid-19 hotline (617-712-3487) to provide referrals for residents seeking assistance with unemployment benefits enrollment, SNAP applications, and technology support.
Information on Unemployment and Coronavirus (EOLWD)
To assist individuals who cannot work due to the impact of COVID-19, the Baker-Polito administration has filed emergency legislation and emergency regulations that allow people impacted by COVID-19 to collect unemployment if their workplace is shut down.
The fastest way to file a claim is to apply for unemployment benefits online. People with special needs, disabilities, or language difficulties can use this form to contact DUA.
Enroll in Unemployment Benefits (Department of Unemployment Assistance)
For the most updated information for expediting unemployment insurance claims, visit this page for instructions. The quickest way to file a successful unemployment claim is through the UI online portal (click page for link).
On March 19, Governor Baker signed S.2599 to provide unemployment assistance to workers impacted by COVID-19. This legislation will allow new claims to be paid more quickly by waiving the one week waiting period for unemployment benefits.
Enroll in MassHealth (Commonwealth of Massachusetts)
Revere's Emergency Response team published a mutual aid informational packet for residents, which includes a wide range of resources related to issues like access to food, health care, transportation, housing rights and more.
The online document will be updated daily at 4 p.m. and is being shared with local nonprofits, community partners and faith-based groups, and via social media.