Dear Small Business, Friends and Partners,
The Disaster Loan Assistance portal has been updated again.
Stay tuned, as we will keep sharing updated information as we get them from HQ. Thank you for understanding.
New information will be disseminated as we receive it.
If you already submitted an application and want to check on status, please call customer service at 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail firstname.lastname@example.org
If you are submitting a new application, please follow the new streamlined steps in the portal (https://covid19relief.sba.gov/#/) as the questions are mostly the same from all the required documents in the previous version of the portal.
Small businesses are encouraged to apply for EIDL and then request an Economic Injury Disaster Loan advance of up to $10,000. The loan advance will provide economic relief to businesses impacted by the Covid-19 disaster and funds will be made available within 3 days and this loan advance will not have to be repaid.
Thank you for your continued patience as we are committed to continually providing updated information as we get it.
Please direct all inquiries and questions to our District Office email at:
Additional Links and Resources:
If you are ready to apply online and just need an aid to walk you through the questions, please review the STEP-BY-STEP PDF and the RECORDED WEBINAR below...
Handout: SBA Disaster Assistance in Response to the Coronavirus
Handout: Asistencia de Desastre de la SBA en Respuesta al Coronavirus
Center for Women and Enterprise is open virtually!
How are you being impacted and what do you need?
CWE is doing a SURVEY to understand our local small businesses.
Please FILL OUT THE SURVEY and let them know how your business is being impacted by the current pandemic. Share what issues you are facing, questions you are having and resources you need.
CWE will mobilize the network of small business expert friends to help you address specific challenges you may be having in your business in the coming weeks.
In times like these, it can feel scary to think about money flow. There is very little 'free money' available. Taking on low-interest debt through Disaster Relief programs can be a good fit for some businesses. Before making any decisions, make sure to think through your decision.
Some questions that can guide you:
- Do you know how much it costs you to stay open? Your breakeven point is a great tool to guide your decisions.
- How much money do you actually need in the immediate (week), intermediate (1-3 months), long-term (<1 year) for yourself from your business?
- Where are there opportunities for you to negotiate around your expenses? How can you work with your vendors, landlord, customers?
- Have you called your insurance company to inquire about your 'interruptions' coverage?
- Where can you get creative and work 'bare bones' while still delivering to your standards of quality?
If you decide debt is an option for you:
- What source is best for you? Have you talked with your banker to see what might be available to you?
- If you can't qualify for a loan through a traditional bank, there may be programs available to you in the coming weeks. How can you be best prepared for this type of program?
- What's your plan for paying the loan back?
- What's the minimum amount you can borrow to get you through these times without causing future challenges to your business when you have to repay?
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.
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
Central Regional Office
The Carriage House, 125 Woodland Street
Worcester, MA 01610
508-793-7615 | Fax: 508-793-8890
Northeast Regional Office
Salem State University
121 Loring Avenue, Suite 310
Salem, MA 01970
978-542-6343 | Fax: 978-542-6345
Procurement Technical Assistance Center
Scibelli Enterprise Center
1 Federal Street, Building 1
Springfield, MA 01105
413-545-6303 | Fax: 413-737-2312
Southeast Regional Office
200 Pocasset Street
Fall River, MA 02721
508-673-9783 | Fax: 508-674-1929
Western Regional Office
Scibelli Enterprise Center
One Federal Street, Building 101
Springfield, MA 01105-1160
413-577-1768 | Fax: 413-737-2312
(IF ANY CONTACTS IN THIS EMAIL DO NOT WORK, PLEASE REACH OUT TO NORM AND LET US KNOW!! Email: email@example.com)
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, they are doing sessions by phone and Zoom video app.
Reach out to other SCORE CHAPTERS throughout the state below.
Monday 3/30/20 at 3pm
Coronavirus - What Employers and Employees Need to Know
Tuesday 3/31/20 at 10am
So, You Want to Become a Consultant
Thursday 4/2/20 at 10am
6 Essential Steps to Create An eBook to Market Your Business
Thursday 4/16/20 at 10am
Intellectual Property for Small Businesses
Wednesday 4/29/20 at 10am
Funding Options - What to consider and Where to Find It.
Thursday April 2 at 4PM
SBA Economic Injury Disaster Loan Overview
As of Wednesday, March 18th the SBA’s Economic Injury Disaster Loan program has been activated statewide in Massachusetts. Staff from the local district office are ready to help small businesses understand the resources available and navigate the process of submitting a disaster loan application.
Updated details about the SBA Economic Injury Disaster Loan and how to apply will be provided, including:
- Visit SBA online for the latest, go to: www.sba.gov/DISASTER
- Apply for the Economic Injury Disaster Loan by mail or online at: disasterloan.sba.gov/ela
- Customer Service Center can be reached at: 1-800-659-2955 or e-mail firstname.lastname@example.org
- No cost to apply, small businesses are urged to submit applications right away because decisions are made on a first-come, first served basis.
- NEW 12-Month Deferment period for the first payment was approved for EIDL program.
- NEW Expedited Processing for loans under $500,000 where the submission of current tax return is not required for small businesses.
- NEW SBA Express Bridge Loans now available
- Sign-up for the latest updates at www.sba.gov/MA or follow @SBA_MA
RECORDED INTERVIEW: Bob Nelson on North Shore Conversations
Listen to District Director Robert Nelson on a recorded podcast with Laura Swanson Executive Director at the Enterprise Center at Salem State University talk about statewide activation of the Economic Injury Disaster Loan program.
Boston SCORE: Coronavirus – What Employers and Employees Need to Know
Topics will include:
Most recent legislative updates and the impact on your business
What to do should you face a temporary closure or reduction in staff
Understanding Sick Time, Vacation/PTO and FMLA – what to offer and when
Employee Health Guidelines – what to do should an employee disclose exposure to the virus or become symptomatic
(Presented by Boston SCORE Chapter)
All Massachusetts non-essential businesses are to cease in-person operations until April 7.
Examples of essential business types include:
- Grocery / Convenience / Bodegas
- Laundromats / laundry services
- Gas Stations
- Automotive Repair
- Moving & Storage
- Plumbers, electricians, exterminators, inspectors and other providing emergency services
- Food Businesses including restaurants and food trucks
The state also issued guidelines to limit gatherings to 10 people during the state of emergency, a reduction from the 25 person limit established in an earlier order. Please consider using tape or something similar to mark 6 feet between customers in line (both to enter and to pay). Click here for a copy of the Emergency Order and click here for a copy of the Guidance of Assemblages.
OTHER RESOURCES & ANNOUNCEMENTS