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City of Somerville COVID Update – Business Relief, More

DATE:  March 20, 2020     CATEGORIES:  Community, COVID-19, News

SBA Disaster Relief Fund Loan Application Webinar
As of yesterday, Massachusetts businesses may now apply for SBA loans. Join us Monday, March 23 at 2:00pm to learn more about the U.S. Small Business Association’s Economic Impact Disaster Relief Fund. Dan Martiniello, SBA Boston Lender Relation Specialist will discuss application document requirements, lending criteria, eligible uses for loans, and eligibility requirements. RSVP and get dial-in information here.

Tax Relief Expected To Be Implemented by Friday
Businesses who have paid less than $150,000 in sales, meals, or room occupancy taxes are eligible for tax relief expected to be finalized by the end of the week. Eligible businesses would not have to remit sales, meals or room occupancy taxes for the months of March, April and May until June 20, according to Governor Baker.

Changes to Mass. Unemployment Policies
State Agencies have relaxed or altered many policies related to unemployment as a result of the sudden economic changes. It’s worth reviewing this page to see updated answers to many questions business owners and employees have had about unemployment and temporary closures.

Families First Coronavirus Response Act Passes
The Federal government passed this act yesterday, which will go into effect on April 2. This link provides a summary of the effects this may have for your business and workers.

RESOURCES & INITIATIVES
SBA Disaster Relief Fund Loan Application Webinar
Massachusetts businesses may now apply for SBA loans. Join us Monday, March 23 at 2:00pm to learn more about the U.S. Small Business Association’s Economic Impact Disaster Relief Fund. Dan Martiniello, SBA Boston Lender Relation Specialist will discuss application document requirements, lending criteria, eligible uses for loans, and eligibility requirements. RSVP and get dial-in information here.
FAQ
What unemployment benefits are available to contractors or freelancers?
Answer from Mass.gov: “Currently self-employed individuals and 1099 contract employees are not eligible for unemployment benefits. If the President of the United States makes a disaster unemployment declaration for Massachusetts or nationwide, the self-employed and 1099 contractors would become eligible for unemployment assistance. This is already coded into the Department of Unemployment Assistance system and would be available immediately upon declaration and press release announcement.”

General updates: Construction projects in Somerville are allowed to continue at the moment, although each project must submit documentation to ensure that work continues as safely as possible.

Find additional resources at our website

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