SBA May Newsletter l Recovery Information in Other Languages

Massachusetts District Office - May 2020

u s small business administration

Recovery Information in Other Languages

Languages

SBA has created materials in several other languages to help business owners navigate our COVID-19 recovery programs.  > Read More

MSBDC and SCORE also have multilingual counselors and mentors that can assist small business owners. 

Additionally, Massachusetts Growth Capital Corporation has put together Technical Assistance and Multilingual Translation services for the Paycheck Protection Program.  >Visit website


UPCOMING Virtual Events

Monday  5/18/20 at 4:30pm - 6:30am
Primeros Pasos Para Emprender Un Negocio Propio (First Steps to Start Your Business in Spanish)

Monday  5/18/20 at 9am - 10:30am
S.M.A.R.T. Reopening and Recovery

Tuesday  5/19/20 at 1pm - 2:30pm
Business Plan Basics

Tuesday  5/19/20 at 10am - 11:30am
So, You Want to Become a Consultant

Wednesday  5/20/20 at 9:00 - 10:00 a.m. OR 10:30 - 11:30 a.m.
Credit Counseling

Wednesday  5/20/20 at 10am - 11:30am
Multiply Your Small Business Success with Public Speaking even online

Thursday  5/21/20 at 9am - 10:30am
Government Contracting 8a Business Development

Thursday  5/21/20 at 1pm - 3pm
Protect Your Business with Copyright & Trademark

Wednesday  5/27/20 at 5pm - 6pm
Women's Networking Event

Wednesday  5/27/20 at 11am - 12:00pm
How to Live & Work Well As Entrepreneurs with Crisis & Uncertainty


Welcome NEW 8(a) Business Development Firms

The federal government's goal is to award at least five percent of all federal contracting dollars to small disadvantaged businesses each year. To help provide a level playing field for small businesses owned by socially and economically disadvantaged people or entities, the government limits competition for certain contracts to businesses that participate in the 8(a) Business Development program.  >Learn more

Welcome to newly certified SBA 8(a) firms in Massachusetts:

  • Elegant Stitches Inc.
  • Icarus Constructions Services LLC
  • Caso Global Corporation
  • Transcend Maintenance Services Inc. 

If you are interested in learning if your business is eligible for the 8(a) certification program, please join one of our monthly webinars on program basics.   

Next webinar is Thursday, May 21st at 9am - 10:30am

REGISTER HERE: Government Contracting 8a Business Development

 


EIDL Updates

The SBA Office of Disaster Assistance has started issuing Q & A's, related to EIDL loans.  Please see below for latest... 

1.My Economic Injury Disaster Loan (EIDL) was approved but the amount was lower than I was expecting, why is it lower?

We had to make a difficult decision to limit loan amounts to ensure the program reaches as many small businesses as possible. SBA may be able to further assist you with funding through our Paycheck Protection Program (PPP), which provides up to 8 weeks of forgivable loan funds to cover payroll, as well as mortgage interest, rent and utility costs. We encourage you to visit sba.gov/paycheckprotection to obtain more information about PPP loans.

2. I read that the EIDL program provides up to $2 million per loan. Will it be possible to increase my loan amount?

Historically, the maximum amount of EIDL assistance is 2 million dollars. During these unprecedented times and given our current funding levels we do not expect to increase loan amounts for the EIDL program.

EIDL Application #s with "200" / Still Only Open to Agricultural Businesses

Currently EIDL portal is still only open to agricultural businesses. 

Any applicants who did not apply in the new portal with an application number starting with a "2" are being asked to reapply NOW in the new portal currently live for agricultural businesses only in order to update their application and to obtain an application number that starts with a “3”.    SBA advises that doing so will not adversely impact the original application and its queue.   

If you are one of these businesses with an EIDL # startin with "200" please email us at: MassachusettsDO@sba.gov and we can try and help. 


Paycheck Protection Program Update

Summary of Paycheck Protection Program Round 2 data as of 5:00 p.m. EDT, Thursday, May 14, 2020.

Lender Size

Approved Loans

Approved Dollars

>$50B in Assets

1,263,562

$101,848,773,290

$10B to $50B in Assets

378,607

 $29,486,220,755

<$10B in Assets

1,075,664

$62,324,115,777

Total:

2,717,833

$193,659,109,822

 

 

 

# of Participating Lenders

5,475

Avg Loan Size: $71,254

 

In Round Two of the Paycheck Protection Program (April 27 - May 8, 2020), the SBA has guaranteed 2,571,167 loans. For more information on Round Two loan activity, click here.


PPP Frequently Asked Questions

Got your PPP funds now or waiting to receive and unsure of how to use it?  Consult with any of our resource partners by booking a virtual session today.  Visit Treasury.gov and SBA.gov regularly to stay up-to-date on the latest guidance being released.  PPP Guidance Page

For example, the Frequently Asked Questions document continues to regularly update, check out the latest answers...

Question #47: An SBA interim final rule posted on May 8, 2020 provided that any borrower who applied for a PPP loan and repays the loan in full by May 14, 2020 will be deemed by SBA to have made the required certification concerning the necessity of the loan request in good faith. Is it possible for a borrower to obtain an extension of the May 14, 2020 repayment date?

Answer: Yes, SBA is extending the repayment date for this safe harbor to May 18, 2020, to give borrowers an opportunity to review and consider FAQ #46. Borrowers do not need to apply for this extension.

Question #45: Is an employer that repays its PPP loan by the safe harbor deadline (May 14, 2020) eligible for the Employee Retention Credit?

Answer: Yes. An employer that applied for a PPP loan, received payment, and repays the loan by the safe harbor deadline (May 14, 2020) will be treated as though the employer had not received a covered loan under the PPP for purposes of the Employee Retention Credit. Therefore, the employer will be eligible for the credit if the employer is otherwise an eligible employer for purposes of the credit.


Start thinking about how to reopen your small business. Given the circumstances of COVID-19 reopening takes planning. Check out SCORE’s Reopening Toolkit. www.capecod.score.org

Reopening Toolkit

WHERE DO I GO NEXT?

Please do not send the District Office any application packages, as our office is currently working virtually and we cannot guarantee staff will get to mail sent to our office.  

Please direct all other inquiries and questions to our District Office email at:

MassachusettsDO@sba.gov

FREE and confidential counseling services are available across the Commonwealth. 

 

Virtual education, training and networking sessions are happening daily.

 

Please schedule a virtual session with any of our Resource Partners below...

Email

Job Opportunities

NOW HIRING: The U.S. Small Business Administration is hiring temporary employees to assist with #COVID19 and disaster relief efforts. Bilingual language skills are a plus. Remote jobs are available nationwide. Jobs include call center customer service representative, document preparation/legal review/loan closing, and loan processing/credit analysis/mortgage underwriting. 

Learn more and apply: ow.ly/TnN850zs6WY

Center for Women & Enterprise Now Hiring

Project Manager – Central MA - COVID Recovery

This position is: – Full time for one year, with possibility to extend for one additional year

The Center for Women & Enterprise (CWE) is a nationally recognized economic development organization that supports women and veterans with small business development. We offer a dynamic, fast-paced, and intellectually stimulating environment. We provide opportunities for veterans, women entrepreneurs and women in business to increase professional success, personal growth, and financial independence. With offices in Rhode Island, Massachusetts, Vermont and New Hampshire, CWE delivers business development programs and certifies women owned businesses.
>APPLY ONLINE 

Join the SBA team: Employment opportunities to support SBA's COVID-19 pandemic response

Resource Partner Network

MSBDC

WE ARE OPEN FOR BUSINESS!

Staff are working remotely and can be reached via email or telephone. MSBDC is committed to supporting entrepreneurs during these very challenging times.

Request for Counseling

MSBDC advisors can assist businesses with disaster loan applications.

If you are not currently a client and would like to speak with a counselor, please find your region and reach out to the REGIONAL OFFICE SERVING YOU.

Berkshire Regional Office
33 Dunham Mall, Suite 103
Pittsfield, MA 01201
413-499-0933 | Fax: 413-499-3005
www.msbdc.org/berkshire

Central Regional Office
Clark University
The Carriage House, 125 Woodland Street
Worcester, MA 01610
508-793-7615 | Fax: 508-793-8890
www.clarku.edu/offices/sbdc

Northeast Regional Office  (SPANISH-SPEAKING COUNSELOR)
Salem State University
121 Loring Avenue, Suite 310
Salem, MA 01970
978-542-6343 | Fax: 978-542-6345
www.salemstate.edu/sbdc

Procurement Technical Assistance Center
Scibelli Enterprise Center
1 Federal Street, Building 1
Springfield, MA 01105
413-545-6303 | Fax: 413-737-2312
https://www.massptac.org

Southeast Regional Office
200 Pocasset Street
Fall River, MA 02721
508-673-9783 | Fax: 508-674-1929
www.msbdc.org/semass

Western Regional Office
Scibelli Enterprise Center
One Federal Street, Building 101
Springfield, MA 01105-1160
413-577-1768 | Fax: 413-737-2312
www.msbdc.org/wmass

 


SCORE BOSTON

Request for Counseling

Counseling Sessions with BOSTON SCORE CHAPTER:
If you want to speak with a counselor, SCORE is doing tele-consults. Just pick a date and time to schedule a session and enter your contact info, mentors are doing sessions by phone and Zoom video app. 

Reach out to other SCORE CHAPTERS throughout the state below.

SCORE Boston Chapter

SCORE Worcester Chapter


SCORE Northeastern Massachusetts Chapter


SCORE Southeastern Massachusetts Chapter


SCORE Western Massachusetts Chapter


SCORE Cape Cod Chapter


SCORE Rhode Island (Serving Fall River, New Bedford)

 


CWEWomen's Business Centers

 


Eastern Massachusetts Center - Boston
44 School St., Suite 200
Boston, MA 02108
info.EasternMA@cweonline.org

Central Massachusetts Center - Westborough
69 Milk St., Ste. 217
Westborough, MA 01581
info.CentralMA@cweonline.org

Veterans Business Outreach Center of New England (VBOC of NE)
132 George M. Cohan Blvd.
Providence, RI 02903
info.VBOC@cweonline.org



Disclaimer: The SBA does not endorse the organizations sponsoring linked websites, and does not endorse the views they express or the products/services they offer.  All programs and services are extended to the public on a nondiscriminatory basis.