{"id":384,"date":"2020-03-25T22:48:23","date_gmt":"2020-03-26T02:48:23","guid":{"rendered":"https:\/\/www.senatorwaltertimilty.com\/?page_id=384"},"modified":"2020-04-08T15:15:52","modified_gmt":"2020-04-08T19:15:52","slug":"small-business-help","status":"publish","type":"page","link":"https:\/\/www.senatorwaltertimilty.com\/small-business-help\/","title":{"rendered":"Small Business Help"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]As COVID-19 impacts Massachusetts, our small businesses are particularly vulnerable. Employing thousands of local residents, these businesses are the economic lifeblood of our community. Please utilize the information contained here as a resource as we collectively get through this crisis and on the road toward recovery. We will add additional information is it becomes available.<\/p>\n

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<\/div>[vc_custom_heading text=”SBA Assistance” font_container=”tag:h4|text_align:left” use_theme_fonts=”yes” link=”url:https%3A%2F%2Fwww.senatorwaltertimilty.com%2Fsba-assistance%2F|title:SBA%20Assistance||”][vc_custom_heading text=”Federal Assistance” font_container=”tag:h4|text_align:left” use_theme_fonts=”yes” link=”url:https%3A%2F%2Fwww.senatorwaltertimilty.com%2Ffederal-assistance%2F|title:Federal%20Assistance||”][vc_custom_heading text=”State & Local Help” font_container=”tag:h4|text_align:left” use_theme_fonts=”yes” link=”url:https%3A%2F%2Fwww.senatorwaltertimilty.com%2Fstate-local-help%2F|title:State%20%26%20Local%20Help||”]
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Essential Services For\u00a0Small Businesses<\/strong><\/h2>\n

SMALL BUSINESS PAYCHECK PROTECTION PROGRAM (PPP)<\/u><\/strong>:\u00a0<\/strong><\/h3>\n

The Paycheck Protection Program will provide funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.<\/p>\n

The PPP will be available retroactive from Feb. 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020.Applicants may contact their primary bank for information on how to submit. Not all banks are qualified to offer these loans.\u00a0 All loans will have the same terms regardless of lender or borrower. A list of approved banks can be searched on the SBA site of approved lenders.<\/p>\n

Loan Forgiveness<\/strong><\/h4>\n

Loans may be fully forgiven over time for ongoing businesses (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. \u00a0<\/em><\/strong><\/p>\n

Small Business Eligibility\u00a0<\/strong><\/h4>\n

Small businesses with 500 or fewer employees\u2014including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors\u2014 are eligible. Businesses with more than 500 employees are eligible in certain industries.<\/p>\n

Payroll Protection Program Resources<\/u><\/strong><\/h4>\n