The PPP authorized up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone. Loans will be forgiven as long as:
·The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8-week period after the loan is made; and
·Employee and compensation levels are maintained.
Payroll costs are capped at $100,000 annually per employee. Due to the likely high utilization rate, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.
Loan payments will be deferred for 6 months.
Where can I apply?
Applications are available through any existing SBA lender or federally insured depository institution, federally insured credit union, and participating Farm Credit System institution. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. Consult with your local lender as to whether it is participating.See a list of SBA lenders.
What do I need to apply?
You will need to complete the Paycheck Protection Program loan application and submit the application with the required documentation to an approved lender by June 30, 2020. Click HERE for the application.
What can I use these loans for?
·Payroll costs, including benefits;
·Interest on mortgage obligations, incurred before February 15, 2020;
·Rent, under lease agreements in force before February 15, 2020; and
·Utilities, for which service began before February 15, 2020.
PROFESSIONAL AND PASSENGER LICENSE DEADLINE EXTENSIONS AND ONLINE CDL RENEWAL OPTION
The Massachusetts Registry of Motor Vehicles (RMV) continues to thoroughly review its licensing protocols and credential requirements to identify and implement additional measures to reduce non-essential travel, reduce the need for customers to visit an RMV Service Center, and ensure proper “social-distancing” for business partners and Massachusetts residents.
The following new changes to service delivery and organizational protocols are now or are about to be in place can be found using the link below:
Please visit SBA.gov/MA for up to date information on loan packages from emergency guaranteed loans up to 10 million dollars and emergency bidge loans $25,000.00 or less. Some include payment deferments are up to 12 months.
Please help by donating to support this 3D printing project being lead by several Technical High Schools throughout the Northeast. The need for medical shields to protect our front line heroes are in high demand. In order to meet the demand, funds are needed to purchase supplies. The team has been flooded by support across Massachusetts and New York to print face shields and demand is increasing. All donations are appreciated. Stay safe everyone!?
Learn best practices and analyze trends about how customers engage with your business online, then turn these insights into well-informed, actionable decisions. A focus on Google Analytics and how to use this tool to make better business
As we grapple with a New Reality, a myriad of concerns begin to consume us as we try to survive this crisis. During these unprecedented times, followers will be looking to their leaders for reassurance. And while "Hope is Not a Strategy", it does play an important role as we lead our teams through these challenging times. Join this session to understand the needs of those we influence, whether employees, customers, family, etc.
"In every adversity lies the seed of an equal or greater opportunity." This famous quote from Napoleon Hill looks to the brighter side of a dark situation. During these times, focusing our thoughts in positive ways can help as we are constantly getting bombarded with negative news and information. Come to this session for some positivity and to brainstorm ideas for identifying opportunities for you and your business/career within these challenging times.
Complete and utter disruption has been thrusted upon our lives. As we deal with a New Reality that is constantly evolving with every minute of every hour of each day, maintaining focus can be challenging not knowing what is changing within the world of business or how long it will last. For many, survival is at the forefront of our minds. The stability and predictability of Business as Usual has vanished. And just as Hope is not a Strategy, nor is Panic. This session will focus on brainstorming beyond survival to
Please take moment and check out our most recent new members. Support them if you are able by purchasing gift cards, ordering take-out, or scheduling an appointment for a later date. We thank you all! Welcome New BVCC Members!
As a reminder, the BVCC Office is closed to in person meetings this week, but please do not hesitate to contact the staff of the Blackstone Valley Chamber of Commerce. We are here to ensure your questions get answered, and your business needs are met.