COVID-19 - What you need to know as a small business

WE ARE OPEN FOR BUSINESS helping businesses cope with the economic consequences of the coronavirus. We are committed to supporting entrepreneurs during these very challenging times.

Although Massachusetts SBDC business advisors are working remotely, we are meeting virtually with clients. Experienced MSBDC business advisors can assist businesses with disaster loan applications. If you are not a client and would like to receive services, please complete our Request for Counseling form available on our website at www.msbdc.org/rfc. We offer online registration for business advisory services.

Visit our archived webinar page at www.msbdc.org/webinars. For upcoming live events, visit our training page at www.msbdc.org/training. Check back often as we are always adding new training.

Opportunity Knocks: COVID Business Start-Ups and Expansions in Western MA
The MSBDC co-hosted a live panel discussion featuring four local entrepreneurs who braved the odds by building something new during the pandemic. If you are thinking of launching a new venture or are just curious how these local entrepreneurs did it, view this no-holds barred presentation by clicking here.

Below are some useful links, resources and articles about what small businesses need to know about the COVID-19 pandemic. Be sure to get information from reliable sources, such as the organizations below. Additional articles on COVID-19 are listed at our "In the News" page.

Mass.gov - The Massachusetts state website has COVID-19 resources & guidance for businesses and the latest information on COVID-19.
SBA.gov - Visit the U.S. Small Business Administration's website for the latest on COVID-19
America's SBDC has gathered helpful information and resources on COVID-19.
Centers for Disease Control and Prevention (CDC) has information on guidance for businesses and employers.

Coronavirus.gov is a collaboration of the White House, CDC and the U.S. Department of Health and Human Services.

FEMA.gov - The Federal Emergency Management Agency (FEMA) website has COVID-19 information, including how to help and rumor control.

IRS.gov - includes a special section focused on steps to help taxpayers, businesses and others affected by the coronavirus.

Associated Industries of Massachusetts - learn about the new free Return to the Workplace Guide For Massachusetts Employers.

U.S. Department of Treasury - information on the CARES Act which provides assistance to small businesses

The U.S. Small Business Administration (SBA) offers low-interest federal disaster loans for working capital to Massachusetts small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Visit SBA's website for additional details. The Paycheck Protection Program (PPP) is specifically designed to help small businesses keep its workforce employed. Do you need a quick infusion of a smaller amount of cash to cover you right now? You might want to look into SBA's Emergency Economic Injury Grant. If you have an existing relationship with an SBA Express lender, the Express Bridge Loan might be a good fit to get up to $25K quickly. Look for Express Lenders. Small Business Debt Relief Program can help ease your fears about keeping up with payments on your current or potential SBA loan. Shuttered Venues Operators Grant (SVOG) program was established through the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act and amended by the American Rescue Plan Act to provide over $16 billion in economic relief to target industries. The SVOG application is slated to open April 8, 2021. SBA will host a national informational webinar to highlight the application process for potential eligible entities from 2:30 - 4 p.m. ET on Tuesday, March 30, 2021. Those interested in participating can register here. Mar 22, 2021 - SBA is now allowing applicants that file IRS Form 1040, Schedule C to calculate their maximum loan amount using gross income instead of net profit, which may enable some borrowers to access higher loan amounts. See the form for First Draw PPP applicants and Second Draw PPP applicants online. Mar 16, 2021 - SBA announces extended deferment periods for COVID-19 Economic Injury Disaster Loan (EIDL) program until 2022. Jul 28, 2021 - SBA Paycheck Protection Program Direct Forgiveness Portal. If your loan is $150,000 or less, you may be eligible to apply for direct forgiveness through SBA using the online portal.
America’s SBDC new federal resource for small business - click here to be redirected Small Business Resiliency - An actionable business resiliency plan could mean difference between business continuity and closure. Useful documents from America's SBDC:
Massachusetts Growth Capital Corporation (MGCC) has a list of financial and general resources available for small businesses.
Coronavirus.gov has general information about the virus and is a collaboration of the White House, CDC and the U.S. Department of Health and Human Services.
COVID-19 Response Command Center Massachusetts Emergency Management Agency (MEMA) - Under the leadership of Secretary Sudders and reporting to Governor Baker and Lt. Governor Karyn Polito, will be the Commonwealth’s single point of strategic decision making and coordination for the Administration’s comprehensive COVID-19 response. You can find the COVID-19 reports from MEMA in the State Library archives by clicking here.
Foley & Foley PC has created several useful documents that are helpful during this COVID-19 crisis, including details for businesses on the eligibility, leave and pay obligations under the new Families First Coronavirus Response Act (FFCRA). - Chart for Families First Coronavirus Response Act (FFCRA) - What you need to know and do: FFCRA - Families First Coronavirus Response Act Compliance Package
WesternMass List of Business Resources: Hampden, Hampshire, Franklin, and Berkshire Counties (updated daily) - a href="https://bit.ly/WMassBusinessResources">click here.
The Internal Revenue Service (IRS) has established a special section focused on steps to help taxpayers, businesses and others affected by the coronavirus. This page will be updated as new information is available. Click here for FAQs on extension of filing and payment deadlines.
The National Cyber Security Alliance (NCSA) has created a “COVID-19 Security Resource Library” — a compilation of tips and recommendations from NCSA and its partners on ways to stay safe online, and how to avoid cyber threats and scams during the COVID-19 pandemic. To access the Library, click here..
Massachusetts Restaurant Association or the National Restaurant Association Retailers Association of Massachusetts Massachusetts Manufacturing Extension Partnership (MassMEP)
MA Department of Unemployment Assistance hosts the Work Share program as an alternative for employers faced with a cut in workforce. Employers can divide available work among affected employees to receive a part of their unemployment insurance (UI) benefits while working reduced hours. - Employer Unemployment FAQ: COVID-19 - Massachusetts COVID-19 unemployment information - Important Employee and Employer Information related to COVID-19 and unemployment
The U.S. Department of Labor published information on the Families First Coronavirus Response Act (FFCRA or Act) that requires certain employers to provide their employees with paid sick leave or expanded family and medical leave for specified reasons related to COVID-19. Also see, Department of Labor Outlines Small-Business Exemption from Coronavirus Paid Leave Law.
Small Business Resiliency - An actionable business resiliency plan could mean difference between business continuity and closure. Courtesy of America's SBDC and Google. Business Resiliency Guidebook Business Resiliency Plan Template Emergency Procedures Template
Return to the Workplace Guide For Massachusetts Employers - The new 80-page guide is now available for download in the AIM web store. The guide is consistent with the phased re-opening of the Massachusetts economy and accompanying safety standards announced yesterday by Governor Baker. The guide is a collaboration among AIM, AIM HR Solutions and A.I.M. Mutual Insurance Company and is offered free of charge. Click here to download.
Federal Resources for U.S. Small Businesses - The official federal resource website for U.S. small businesses affected by COVID-19. You can view relevant federal agency resources, access the latest news, and search for a Small Business Advisor near you. Click here for information.
The Shuttered Venue Operators Grant (SVOG) program was established through the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act and amended by the American Rescue Plan Act to provide over $16 billion in economic relief to target industries. Eligible applicants may qualify for grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees. The SVOG application will open April 8, 2021. Click here for FAQs. Please note: SBA is still working to determine an exact reopening date for the Shuttered Venue Operators Grant application portal. As soon as it is confirmed, we will provide advance notice. Also, we are updating the applicant user guide and FAQs to further clarify information and will post those here in advance of the application portal opening. Applicants may continue to register for a new account.
SBA announces extended deferment periods for COVID-19 Economic Injury Disaster Loan (EIDL) program until 2022.
The U.S. Department of Health and Human Services Office of Inspector General is alerting the public about fraud schemes related to the novel coronavirus (COVID-19)
SBA is raising the loan limit for the COVID-19 EIDL program from 6-months of economic injury with a maximum loan amount of $150,000 to up to 24-months of economic injury with a maximum loan amount of $500,000.