 The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications on Friday, January 15, 2021 at 9 am ET. The portal will fully open on Tuesday, January 19, 2021 to all participating PPP lenders to submit First and Second Draw loan applications to SBA.
Earlier in the week, SBA granted dedicated PPP access to Community Financial Institutions (CFIs) which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries as part of the agency’s ongoing efforts to reach underserved and minority small businesses.
On Friday, SBA will continue its emphasis on reaching smaller lenders and businesses by opening to approximately 5,000 more lenders, including community banks, credit unions, and farm credit institutions. Moreover, the agency also plans to have dedicated service hours for these smaller lenders after the portal fully re-opens next week. >Learn more
Please join us for any of the Covid relief webinars offered throughout the newsletter!
1/20 Webinar: Everything Small Business Need to Know about Second Draw PPP Loans & More
Join SBA lending representatives from across the New England region as they cover the important Loan Terms and Eligibility Requirements from the newly updated Paycheck Protection Program. The program will take place Wednesday, January 20th from 11am to 12pm.
Paycheck Protection Program Policy Updates as of Friday, January 8, 2021
SBA, in consultation with the Treasury Department, has recently released additional PPP forms and guidance:
Updated First Draw Forms
·Form 2483 – First Draw Borrower Application (Updated 1/8/21)
·Form 2484 – First Draw Lender Guaranty Application (Updated 1/8/21)
Second Draw Forms
·Form 2483-SD – Second Draw Borrower Application (Released 1/8/21)
·Form 2484-SD – Second Draw Lender Guaranty Application (Released 1/8/21)
Guidance & Resources
·Accessing Capital for Minority Underserved, Veteran and Women-Owned Business Concerns Guidance (Released 1/6/21)
·Top-Line Overview of First Draw PPP Loans (Released 1/8/21)
·Top-Line Overview of Second Draw PPP Loans (Released 1/8/21)
·Interim Final Rule #1 – PPP as Amended by Economic Aid Act (Released 1/6/21)
·Interim Final Rule #2 – PPP Second Draw Loans (Released 1/6/21)
·Procedural Notice – Modifications to SBA Forms 3506, 3507 and 750 CA (PPP only) (Released 1/8/21)
·Procedural Notice - SBA Procedural Notice on Repeal of EIDL Advance Deduction Requirement (Released 1/8/21)
For more information and updates, visit SBA.gov/PPP or Treasury.gov/CARES
The Massachusetts SBA District Office is collaborating with the Massachusetts Restaurant Association, Retailers Association of Massachusetts and the National Federation of Independent Business - Massachusetts Chapter to provide an update on the Paycheck Protection Program and a Q&A session on all the latest news related to COVID relief.
Join the SBA’s Massachusetts District Office on Monday, January 25th at 9am for an overview on all of the new relief programs available through the recently passed Consolidated Appropriations Act, including:
- PPP Second Draw Key Dates & Changes
- PPP Forgiveness
- Expanded Eligible Expenses
- Shuttered Venue Operators Grant
- Debt Relief Program Extension
- Traditional SBA Lending Modifications
- Repeal of EIDL Advance Deduction
Tuesday 1/19/21 / 10:00am - 11:00am
Legal Considerations for New Business Owners
Wednesday 1/20/21 / 10:00am - 11:15am
Restaurant Employees: Build a Team to Align w/ Your Business Goals
Thursday 1/21/21 / 10:00am - 11:00am
Federal Marketing and Networking for Small Businesses
Thursday 1/21/21 / 10:00am - 11:00am
Simple Steps for Exiting Your Business
Thursday 1/21/21 / 1:00pm - 2:00pm
Massachusetts Paid Family and Medical Leave (PFML)
Thursday 1/21/21 / 11:00am - 1:30pm
SBA Business Smart Workshops - Session 2 (WHERE TO GET MONEY TO START A BUSINESS & FINDING LOCAL RESOURCES with Oreste Varela, Springfield Branch Manager)
Monday 1/25/21 / 10:00am - 11:00am
#CoffeeWithKBLIC Ep. 12 Sources for Your Small Business: Small Business Administration - Nadine Boone
Monday 1/25/21 / 3:00pm - 4:00pm
Working on Wellness: Lunchtime COVID Fitness Series for Busy Businesspeople
Monday 1/25/21 / 5:30pm - 7:30pm
CWE En Español: Pasos para Empezar su Negocio
Tuesday 1/26/21 / 6:00pm - 9:00pm
Starting Your Own Business
Tuesday 1/26/21 / 6:00pm - 9:00pm
Steps to Start a Benefit Corporation
Wednesday 1/27/21 / 11:00am - 1:00pm
Steps to Start a Business
Thursday 1/28/21 / 12:00pm - 1:00pm
Tax and Law Essentials for Small Business Owners
Thursday 1/28/21 / 1:00pm - 2:30pm
Legacy Planning for Farm Businesses
Thursday 1/28/21 / 5:00pm - 6:30pm
Zen and Tea: The Art of Tea Mindfulness in the Era of COVID
Friday 1/29/21 / 5:00pm - 6:30pm
Paycheck Protection Program Update with One SouthCoast Chamber of Commerce
Thursday 2/4/21 / 10:00am - 11:00am
Introduction to the State of Massachusetts Contracting for Small Businesses
Thursday 1/28/20 / 9:00am - 10:30am
SBA 8(a) Business Development Eligibility Session
The SBA’s Emerging Leaders provides free entrepreneurship education and training for executives of small businesses that are potential job creators. This intensive executive entrepreneurship series includes nearly 100 hours of classroom time. Emerging Leaders provides participants with the opportunity to work with a network of experienced coaches and mentors, attend specialized workshops, and develop connections with their peers, city leaders, and the financial community. As a result, Emerging Leaders help build sustainable businesses that promote economic development within their communities.
This year Springfield, MA is one of the approved locations for 2021 for Emerging Leaders. Interested small business owners can learn more regarding eligibility, how to apply, class schedules and locations at 2021 SBA Emerging Leaders Initiative, or by reaching out to Springfield Branch Manager Oreste Varela at: Oreste.Varela@sba.gov.
“I am proud of Emerging Leaders’ success to date, and the impact the training has made in helping to take small businesses from across the country to the next level,” said Allen Gutierrez, Associate Administrator of the SBA’s Office of Entrepreneurial Development. “As small businesses are recovering from the impacts of the coronavirus pandemic, SBA will continue to provide key resources to help businesses to grow even stronger and return to prosperity. Since its inception in 2008, Emerging Leaders has trained more than 4,000 small business owners, creating over 7,000 jobs, generating over $500 million in new financing, and securing over $4 billion in government contracts.”
 SBA has announced Ascent, an interactive digital platform packed with resources women business owners need to set, and achieve, their business goals. Ascent is designed for the “missing middle” — growth-oriented women entrepreneurs who are beyond the start-up phase and already generating revenue yet looking to grow and scale. Most learning resources for business owners focus on either start-ups or mature businesses. Ascent is here to change that!
During these challenging times, SBA’s Ascent can also help you elevate your business with research-backed tips and strategies. Within Ascent, you can examine both internal (strengths and weaknesses) and external factors (opportunities and threats) that may have arisen because of COVID-19 to help you set up a comprehensive recovery strategy. And Ascent is a resource you can turn to again and again, as your business grows and your needs change.
Ascent was created through a joint initiative between the White House, the U.S. Small Business Administration (SBA), the U.S. Department of Labor’s Women’s Bureau, and the U.S. Department of the Treasury. Bringing these agencies together provides Ascent users with unique access to a wealth of knowledge and expertise not found anywhere else.
The SBA Massachusetts resource partner network is growing and adding new staff to support the region's small business community, including:
- SBDC Northeast Regional Office is welcoming new full-time small business advisor, Rosa Taormina
- SBDC Central MA Regional Office at Clark University welcomes new client service manager Sarah Doran and small business advisor Rob DelMastro
Please reach out to your nearest Small Business Development Center below to schedule a 1-on-1 session or join a workshop.
WHERE CAN I GET HELP?
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...
Resource Partner Network
How prepared are you to reopen your business? Check it out here
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.
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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
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.
 
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.
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