{"id":478,"date":"2020-04-02T09:32:07","date_gmt":"2020-04-02T13:32:07","guid":{"rendered":"https:\/\/www.senatorwaltertimilty.com\/?page_id=478"},"modified":"2020-04-08T15:08:53","modified_gmt":"2020-04-08T19:08:53","slug":"sba-assistance","status":"publish","type":"page","link":"https:\/\/www.senatorwaltertimilty.com\/sba-assistance\/","title":{"rendered":"SBA Assistance"},"content":{"rendered":"

[vc_row][vc_column width=”3\/4″][vc_column_text]<\/p>\n

Small Business Administration<\/h3>\n

www.sba.gov<\/strong><\/a><\/p>\n

Locally:<\/p>\n

SBA District Office<\/p>\n

10 Causeway St. room 265<\/p>\n

Boston, MA 12114<\/p>\n

617-565-5590<\/p>\n

https:\/\/www.sba.gov\/offices\/district\/ma\/boston<\/a><\/p>\n

<\/a>The SBA helps businesses find funding<\/strong><\/p>\n

The Small Business Administration works with different organizations to provide federal financial assistance (grants) community resources for certain small businesses. If you can’t find any grants that fit your profile, you can see if you qualify for any of our funding programs, or schedule to meet with a counselor to talk about financing your business.<\/p>\n

Grants for research and development<\/h4>\n

If your small business is engaged in scientific research and development, you may qualify for federal grants under the Small Business Innovation Research (SBIR) and the Small Business Technology Transfer (STTR) programs. These programs encourage small firms to undertake scientific research that helps meet federal research and development objectives and have high potential for commercialization if successful.<\/p>\n

Grants for exporting<\/h4>\n

The SBA’s State Trade Expansion Program (STEP) provides financial awards to state and territory governments in order to help small businesses with export development.<\/p>\n

Grants for other uses<\/h4>\n

The federal government generally offers grants only to nonprofits, educational institutions, and state and local governments. Sometimes, nonprofits and state or local governments offer economic development grants directly to small businesses. Check with your local and state governments for local grant opportunities. Visit grants.gov to search for federal grants that might apply to your business.<\/p>\n

Source: https:\/\/www.sba.gov\/funding-programs\/grants<\/a><\/p>\n

<\/a>Paycheck Protection Program<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><\/h3>\n

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.<\/p>\n

Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.<\/p>\n

Under this program<\/h4>\n

Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.<\/p>\n

Loan payments will be deferred for six months.<\/strong><\/h4>\n

If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.<\/p>\n

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.<\/p>\n

SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.<\/p>\n

The Paycheck Protection Program will be available through June 30, 2020.<\/strong><\/p>\n

This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus\/COVID-19.<\/p>\n

Businesses in certain industries may have more than 500 employees if they meet the SBA\u2019s size standards for those industries.<\/p>\n

Small businesses in the hospitality and food industry with more than one location could also be eligible at the store and location level if the store employs less than 500 workers. This means each store location could be eligible.<\/p>\n

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union,\u00a0 and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.<\/p>\n

Lenders may begin processing loan applications as soon as April 3, 2020.<\/strong><\/p>\n

The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (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. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.<\/p>\n

Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels.\u00a0 Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.<\/p>\n

This loan has a maturity of 2 years and an interest rate of .5%.<\/p>\n

<\/a>SBA DEBT RELIEF PROGRAM<\/strong><\/h3>\n

The SBA Debt Relief program (https:\/\/www.sba.gov\/page\/coronavirus-covid-19-small-business-guidance-loan-resources#section-header-4<\/a>) will provide a reprieve to small businesses as they overcome the challenges created by this health crisis.<\/p>\n

Under this program:<\/h4>\n

The SBA will also pay the principal and interest of new 7(a) loans issued prior to September 27, 2020.<\/p>\n

The SBA will pay the principal and interest of current 7(a) loans for a period of six months<\/p>\n

<\/a>Express Bridge Loan Pilot Program<\/strong><\/h3>\n

Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.<\/p>\n

Terms<\/h4>\n

Up to $25,000<\/p>\n

Fast turnaround<\/p>\n

Will be repaid in full or in part by proceeds from the EIDL loan<\/p>\n

Source: https:\/\/www.sba.gov\/document\/support–express-bridge-loan-pilot-program-guide<\/a><\/p>\n

https:\/\/www.sbc.senate.gov\/public\/<\/a>[\/vc_column_text][\/vc_column][vc_column width=”1\/4″][vc_wp_custommenu title=”Small Business Help” nav_menu=”6″][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

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