Small Business Lending Assistance Update

03.23.2020

 

Staff Contribution

 

Dear friends,

 

We wanted to take a moment and clarify the terms for the SBA Disaster Loan Program and our own NBEDC Lending Program.

 

Please note that as of this afternoon, the state’s $10 million loan fund for businesses affected by COVID-19 is not taking new applications. We are leaving the link to that fund (administered by the Massachusetts Growth Capitol Corporation) on our website because the fund may be recapitalized. The MGCC still has their normal loan application process in place.

 

As we receive new information, we will of course pass it along. Please take a moment to share this with any business in your network who may be in need.

 

Be well,

 

Derek


SBA Disaster Loan Program

 

Loan Amount: Up to $2 Million – $25,000 Unsecured

Interest Rate: 3.75%

Term: Up to 30 Years

Repayment: Up to six months deferred payments

Use: Working Capital – Up to six months of fixed expenses

 

Required Documentation:

  • Completed Business Loan Application (SBA Form 5)
  • Completed IRS Form 4506-T
  • Copies of the most recent Federal income tax returns
  • Completed Personal Financial Statement (SBA Form 413)
  • Schedule of Liabilities (SBA Form 2202)

*Other information may be requested

 

Apply here .

 

Fact sheet here .

 

Three step process here.


NBEDC Lending Program

 

Loan Amount: Up to $50,000

Interest Rate: 6%

Term: Up to 72 months

Repayment: Three months interest only then fully amortizing

Use: Working Capital

 

Required Documentation:

  • NBEDC Loan Application
  • NBEDC Personal Financial Statement
  • Most recent year tax returns for business applicant and all principals
  • Year to Date Profit and Loss Statement

 

*Streamlined application and approval process for loan less than $10,000—Detailed information and application here .

Breaking News for Nonessential Businesses

03.23.2020
Staff Contribution

Good morning friends,

 

Governor Baker has just announced an emergency order for nonessential businesses and organizations to close physical workspaces and facilities to customers, workers, and the general public. This order takes effect at noon, March 24th, and continues to noon, April 7th.

 

What is important to understand is how this order affects your particular business. There are many exceptions to this order, so please carefully read the links below provided by the Governor’s office:

 

Emergency Order

Essential Services List

Assemblage Guidance

 

Please pass along this information to others in your network of contacts, and as new information becomes available we will pass it along.

 

Be well,

 

Derek

 

Protecting the health of New Bedford’s residents

NBEDC staff contribution

03.21.2020

Mayor Jon Mitchell has announced that the City of New Bedford will continue to serve the residents of the city and provide essential services remotely while City facilities remain closed to public access as part of the City’s response to the COVID-19 outbreak.

“I am implementing these measures in order to protect our residents,” said Mayor Jon Mitchell. “The spread of the Coronavirus is accelerating, and we cannot hesitate in taking actions that will enable our healthcare system to keep pace with the increasing threat.”


City facilities remain closed, with employees working remotely

In order to protect City employees and residents and stem the spread of COVID-19, the City is implementing the following measures and policies:

For office-based employees, departments have arranged for remote work and flexible scheduling, all the while promoting effective social distancing, increased cleaning and promotion of good hygiene. Department heads are putting into place practices that manage remote work, such as daily virtual meetings among staff as well as regular communication.

For employees not based in offices, their work will continue to be accomplished with measures in place that enforce appropriate social distancing and increased hygiene. The City’s custodial staff has worked continuously to thoroughly clean and sanitize work areas throughout City facilities.

Mayor Mitchell has instructed all departments that employees should be given reasonable scheduling flexibility concerning childcare and other important family needs at this time.

Personal care businesses including salons must close effective Monday, March 23

By joint order of the Mayor and Board of Health, personal care businesses which offer services to the public and cannot be provided at a distance of at least six feet, or which create an environment where public health is compromised, must close effective March 23, 2020 (with Sunday, March 22 as the last day of operation).

This includes:
Hairdressers and barbers
Nail salons
Massage services
Body art
Body work
Aestheticians
Day spas
Tanning salons
Fitness and exercise centers

This order does not include healthcare and allied healthcare service providers such as physical therapy, occupational therapy, speech therapy or other medical services.


Residents strongly encouraged to pay bills remotely

City residents are encouraged to pay any bills by mail, by phone, or online. Payments can be made online at the City’s website , and selecting ‘Pay Bills’ directly on the home page.

To mail payments, residents can use the mailing address printed on their bills or mail their bills directly to the City Treasurer at the following address:

City Hall – Treasurer’s Office
133 William Street, Room 103
New Bedford, MA 02740

Anyone with questions about paying bills remotely should contact the Treasurer’s Office at 508-979-1430.

Drop-off locations and in-person payment center

Residents can also drop off payments without person-to-person interaction by using one of the city’s drop-boxes. These white drop boxes are located at:
Corner of Elm and Sixth streets downtown
City Hall, 133 William Street (two locations: main entrance and Sixth Street entrance)
Department of Public Infrastructure, 1105 Shawmut Avenue

In-person payment is strongly discouraged if residents can pay by mail, online, by phone, or by drop-off. However, for residents who have no other option, the city will open an in-person payment center beginning Monday, March 22 at the Sixth Street entrance of City Hall, located at 133 William Street.

The payment center will be open 8:00 a.m. to 4:00 p.m., Monday through Friday, and will admit only one person at a time. Residents making a payment will be separated from a city staff member by a window with a secure drawer for payment, without direct person-to-person contact. Only cash payments will be accepted; all other payment types must be completed remotely.

All city bills including taxes and water bills can be paid there, but private utility bills such as gas and electric bills cannot be paid there.


City continues to provide essential services

As New Bedford Public Schools remain closed, the schools have continued to distribute food to students across Greater New Bedford who need it, offering free breakfast and lunch pick-up Monday through Friday from 11:30 a.m. to 1:00 p.m. at Campbell School, Carney Academy, Gomes School, Hayden-McFadden School, Keith Middle School, and Roosevelt Middle School. New Bedford Public Schools will also continue to plan and implement virtual learning so students can keep up with learning at home.

Public safety agencies remain active and continue to respond to emergencies across the city. As always, for emergencies, residents should call 911. For non-emergency business with the Police Department, please use their business line at 508-991-6300. For non-emergency business with the Fire Department, please use their business line at 508-991-6124.

The New Bedford Public Library branches and Buttonwood Park Zoo remain closed to public access. The New Bedford Regional Airport remains open with limited public access.

The City is committed to keeping all residents informed of the latest news. Follow the City’s social media pages, including Mayor Jon Mitchell’s and the City of New Bedford’s Facebook pages, tune in to New Bedford Cable Access on Channel 18, and visit the City website here at for regularly updated news.

Business Update for Unemployment, Taxes, and Building Inspections

Dear friends,

Based on the questions we have been receiving, we have updated information that we want to pass on to New Bedford business owners.

Below please find information and important links regarding unemployment claims for employees, federal and state business related taxes, and local building inspections.

Please be well and continue to follow all social distancing and other best practices offered by local, state, and federal officials.

Derek


Unemployment Claims
Your employees should know that MassHire Greater New Bedford Career Center is now providing virtual services via phone and email between the hours of 8:30 a.m. and 4:30 p.m. There are two ways for those laid off to file an immediate unemployment claim. First, the most popular method is to file online here between the hours of 6 a.m. and 10 p.m. UI Online is designed to be accessed from a desktop computer or a laptop. Second, for those unable to access a desktop or laptop, the UI Call is: 877-626-6800.

Federal and State Taxes
The Trump administration announced this morning that it would move tax day from April 15 to July 15, giving American individuals and businesses an extra three months to file their taxes amid the disruptions caused by the coronavirus outbreak. Here is the direct link to the IRS for Coronavirus Information.

The Massachusetts Department of Revenue (DOR) has stated they will offer similar relief to what the IRS issues. Here is the link for the most current information on DOR requirements.

The Alcoholic Beverages Control Commission has stated that they recognize the hardship posed to § 12 licensees to comply with the sixty-day credit terms on invoices as outlined in M.G.L. c. 138, § 25. The Commission has now ordered that the credit terms for all invoices issued on or after January 18, 2020 to § 12 licensees are extended by thirty (30) days to a total of ninety (90) days for payment of those invoices. Here is the link to the full order.

We also know that the state is crafting emergency regulations that would allow small businesses to delay payment of sales and other taxes until June. It is our understanding that eligible businesses would not have to remit sales, meals or room occupancy taxes for the months of March, April and May until June 20. The regulations are to be finalized today and we will pass them along as soon as possible.

Local Building Permits and Inspections
New Bedford’s Department of Inspectional Services (DIS) is continuing inspections, as long as they can abide by the six feet social distance requirement. If someone is sick at that location that requires an inspection, they can email DIS the pictures, or if the job has a registered design professional they can send the documentation. Certificates of Occupancy can be completed online with payment done online as well.

Folks can also apply for permits online and DIS will process and e-mail them with questions as needed. Click here for the City’s online permit center.


Massachusetts COVID-19 Resources and Information

Small Business Lending Assistance Update

Dear friends,

We wanted to take a moment and clarify the terms for the SBA Disaster Loan Program and our own NBEDC Lending Program.

Please note that as of this afternoon, the state’s $10 million loan fund for businesses affected by COVID-19 is not taking new applications. We are leaving the link to that fund (administered by the Massachusetts Growth Capitol Corporation) on our website because the fund may be recapitalized. The MGCC still has their normal loan application process in place.

As we receive new information, we will of course pass it along. Please take a moment to share this with any business in your network who may be in need.

Be well,

Derek


SBA Disaster Loan Program

Loan Amount: Up to $2 Million – $25,000 Unsecured
Interest Rate: 3.75%
Term: Up to 30 Years
Repayment: Up to six months deferred payments
Use: Working Capital – Up to six months of fixed expenses

Required Documentation:

  • Completed Business Loan Application (SBA Form 5)
  • Completed IRS Form 4506-T
  • Copies of the most recent Federal income tax returns
  • Completed Personal Financial Statement (SBA Form 413)
  • Schedule of Liabilities (SBA Form 2202)

*Other information may be requested

Apply here.

Fact sheet here.

Three step process here.


NBEDC Lending Program

Loan Amount: Up to $50,000
Interest Rate: 6%
Term: Up to 72 months
Repayment: Three months interest only then fully amortizing
Use: Working Capital

Required Documentation:
NBEDC Loan Application
NBEDC Personal Financial Statement
Most recent year tax returns for business applicant and all principals
Year to Date Profit and Loss Statement

*Streamlined application and approval process for loan less than $10,000—Detailed information and application here.


Massachusetts COVID-19 Resources and Information

MassHire Career Center to Provide Virtual Assistance

An Important Message from MassHire
Greater New Bedford Career Center

Dear friends,

Here is the latest from the MassHire Greater New Bedford Career Center on their efforts to provide virtual services. As we receive updated information on this and other important services and resources, we will pass it along. As always, please forward to everyone in your own networks.

Be well,

Derek


Press Announcement
For Immediate Release
For more information contact:
Jim Oliveira – 508-837-8255

MassHire Greater New Bedford Career Center Open for Virtual Services

MassHire Greater New Bedford Workforce Chair, Dave Slutz, announced today the MassHire Greater New Bedford Career Center will be providing virtual services via phone and email beginning Wednesday, March 18, 2020 between the hours of 8:30 a.m. and 4:30 p.m. Mr. Slutz noted, “I and the Board Executive Director, Jim Oliveira, recently participated in a call with the Secretary of Labor who outlined how Career Centers statewide will continue to meet the needs of customers who need to file a claim or access services.” He continued, “We expect a large influx of layoffs in the weeks to come as a result of Covid19. I want to assure the general public our Career Center is now ready to field questions and provide advice on filing an unemployment claim. In a nutshell, our career center employees are ready to assist in an innovative manner.”

Slutz continued, “There are 2 ways for those laid off to file an immediate unemployment claim. First, the most popular method is to file online at https://www.mass.gov/unemployment-insurance-ui-online between the hours of 6 a.m. and 10 p.m. UI Online is designed to be accessed from a desktop computer or a laptop. Second, for those unable to access a desktop or laptop, there is a UI Call In line available on March 18, 2020. The number to call is: 877-626-6800.”

While there will be no access by the general public in the Career Center for in person meetings, general inquiries may be made by calling the New Bedford Career Center at 508-990-4000. Calls will be recorded and call backs from Career Center staff will occur within 1 day of the placed call.

Mr. Slutz concluded, “COVID 19 is a real threat to our community and requires no public gatherings – in this case, I am confident the innovative approaches to serve displaced workers virtually is a great solution to assist them in a highly efficient manner. In addition the Career Center will be available to field business questions related to the state workforce system resources.”

###

The MassHire Greater New Bedford Workforce Board is a business led, business driven organization led by Mayor Jon Mitchell working cooperatively with the Massachusetts Department of Career Services and Governor Baker’s Executive Office of Labor and Workforce Development.

SBA Disaster Loan Assistance Released

BREAKING NEWS

SBA Disaster Loan Assistance Funds are now available for eligible New Bedford businesses and non-profits. Small businesses can apply directly to SBA and the application is processed online via https://disasterloan.sba.gov/ela.

Here is the step by step guide from the SBA.


News from the Governor’s Office

The Baker-Polito Administration announced economic support for small businesses with a $10 million loan fund to provide financial relief to those that have been affected by COVID-19. The fund provides emergency capital up to $75,000 to businesses impacted by COVID-19 with under 50 full- and part-time employees, including nonprofits.

Loans are immediately available to eligible businesses with no payments due for the first 6 months. Massachusetts Growth Capital Corporation (MGCC) has capitalized the fund and will administer it. Please complete the application found on MGCC’s website: EmpoweringSmallBusiness.org

COVID-19 Coronavirus: Business Assistance Update

Dear friends,

As events are changing rapidly we want to be sure we are providing access to the most current information to inform and assist the New Bedford small business community.

First, the Baker-Polito Administration announced economic support for small businesses with a $10 million loan fund to provide financial relief to those that have been affected by COVID-19. The fund provides emergency capital up to $75,000 to businesses impacted by COVID-19 with under 50 full- and part-time employees, including nonprofits. Loans are immediately available to eligible businesses with no payments due for the first 6 months. Massachusetts Growth Capital Corporation (MGCC) has capitalized the fund and will administer it. Please complete the application found on MGCC’s website: EmpoweringSmallBusiness.org

Second, we need to hit the required threshold as a county to be eligible for federal disaster assistance through the SBA. If you have not done so already, please follow the steps outlined below to submit the SBA worksheet. We need to hit this today, so this important program can be activated.

Third, we have changed the home page of our website, and at the top you will find a quick link to Information and resources for COVID-19. We have set up quick ways to connect for NBEDC financial assistance and have also provided links to important local, state, and federal sources of information. Please check in with these trusted sources since information is continuously updated. Here is the direct link to our website: www.nbedc.org

Finally, we are working with all of our partners to get accurate information to all New Bedford businesses, but we need your help as well. Please forward this information to any business you have a contact for. We would rather have someone get an email 10 times than not get the information at all.

Thank you all and be well,

Derek


SBA Disaster Recovery Funds could be made Available if Need in MA is Demonstrated

The MA Emergency Management Agency (MEMA) and Baker-Polito Administration are working closely with the U.S. SBA to activate the Economic Injury Disaster Loan (EIDL) program which would provide assistance to eligible businesses and non-profits impacted by COVID-19.

The 1st step in this process is to meet a minimum threshold of affected businesses within MA.

Affected small businesses and non-profits should download, complete, and submit the SBA EIDL Worksheet https://lnkd.in/ewF7VBy & Instructions to expedite activation of the EIDL program. If you know of businesses being impacted as a result of the Corona virus, it would be helpful if you shared this information with them and encouraged them to complete the SBA Economic Injury Disaster Loan Worksheet as soon as possible.

Completed forms can be submitted by email to Disaster.Recovery@mass.gov or by fax to (508) 820-1401. If you do fax the form, please include your email.

When the EIDL program is activated, the small businesses will be contacted to apply directly to SBA’s Disaster Assistance page https://www.sba.gov/funding-programs/disaster-assistance and this website will be updated with application details.

For questions, please contact Disaster.Recovery@mass.gov.

NBEDC, SBA & MGCC Disaster Assistance

We have been in contact with our partners at the federal and state levels and would like to pass along new financial assistance related information. Please check out below.

Bristol County Massachusetts has been declared a disaster area and the SBA has released relaxed eligibility criteria for Disaster Assistance Loans.
Click here for information.


The SBA will provide this funding directly, not through us or any other lenders. Please find the direct link to the SBA to apply for this assistance here.


We have also been working with our partners, the Mass. Growth Capital Corp.,to ensure New Bedford businesses have access the $10 Million made available from the state for disaster assistance. Mass. Growth Capital Corp. is directly administering a small business recovery loan fund. Eligibility and application information can be found here.


If you are ineligible for an SBA Disaster Assistance Loan or MGCC lending, or believe financial assistance from NBEDC Lending Program may better fit your specific needs, please do not hesitate to contact us here.

We are open for business and actively lending.

We are also accommodating payment modification requests from existing NBEDC clients. Please download, complete, and email.

Your welfare is very important to us, so we wanted to make sure you had this information.

Best,

Derek

Special Alert and Opportunity for Relief

Dear friends,

It is important for everyone to be aware of the facts of COVID-19 Coronavirus and the local and state networks sharing up to the minute information. The health of our New Bedford small business community is extremely important and you may have heard Mayor Mitchell’s update to the public on Friday. In case you missed it, here is the link as well as the link to SouthCoast Health, where you also will find continuous updates.

Below we are also including Massachusetts Department of Public Health guidelines and recommendations for businesses and employers as well as information on an opportunity to advocate for the activation of SBA funding for disaster relief.

Finally, please consider our small business loan program as a potential opportunity for relief. If you are experiencing hardship, please get in touch and we can discuss solutions to assist you and your business. Just contact Angela Johnston at ajohnston@nbedc.org to learn more. Check us at at www.nbedc.org and follow us on Facebook for updates.

Be well everyone,

Derek


The Massachusetts Department of Public Health has also issued guidelines and recommendations for businesses and employers regarding the reduction of close contact in the workplace, such as:

  • Make telecommuting options available for as many employees as possible.
  • Discourage touching including shaking hands, hugging, etc.
  • Encourage good hygiene such as washing hands frequently, covering your cough with your elbow or a tissue, and regularly cleaning frequently touched surfaces and objects.
  • Urge employees to stay home when they are sick.
  • Be flexible with sick leave benefits for those who are ill or who are recommended to stay home because they are high risk.
  • For businesses in which telecommuting is not an option or for particular duties that cannot be performed remotely, follow the other steps above to limit close contact, and prevent the spread of disease.
  • Increase routine environmental cleaning.

CDC-issued guidance for employers to help prevent workplace exposures to illnesses and planning considerations if there are more widespread, community outbreaks of COVID-19:

Interim Guidance for Businesses and Employers to Plan and Respond to COVID-19.


SBA Disaster Recovery Funds could be made Available if Need in MA is Demonstrated

The MA Emergency Management Agency (MEMA) and Baker-Polito Administration are working closely with the U.S. SBA to activate the Economic Injury Disaster Loan (EIDL) program which would provide assistance to eligible businesses and non-profits impacted by COVID-19.

The 1st step in this process is to meet a minimum threshold of affected businesses within MA.

Affected small businesses and non-profits should download, complete, and submit the SBA EIDL Worksheet https://lnkd.in/ewF7VBy & Instructions to expedite activation of the EIDL program. If you know of businesses being impacted as a result of the Corona virus, it would be helpful if you shared this information with them and encouraged them to complete the SBA Economic Injury Disaster Loan Worksheet as soon as possible.

Completed forms can be submitted by email to Disaster.Recovery@mass.gov or by fax to (508) 820-1401. If you do fax the form, please include your email.

When the EIDL program is activated, the small businesses will be contacted to apply directly to SBA’s Disaster Assistance page https://www.sba.gov/funding-programs/disaster-assistance and this website will be updated with application details.

For questions, please contact Disaster.Recovery@mass.gov.