Division of Banks Guidance Regarding the SBA’s Paycheck Protection Program
As I mentioned on Friday’s call, the Division of Banks recently issued guidance that is intended to help lenders implement the PPP program and share expertise on administering SBA programs; this guidance relieves some state-level regulatory pressure and encourages lenders to collaborate in making this important resource available to our businesses. Read the full guidance here.
Small Business Administration’s Paycheck Protection Program
Many Massachusetts SBA lenders are accepting applications for the Paycheck Protection Program (PPP). The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. The 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.
You can read more about the program and loan terms by visiting the SBA’s Paycheck Protection Program landing page. Interested businesses should begin by reading this program information and the Fact Sheet on the PPP.
This program is offered through lenders located throughout the Commonwealth. Interested businesses should speak to their bank to learn if it is offering the program; if a business does not have an existing relationship with a lender, they should visit the SBA’s website and use the Find A Lender tool online to find an eligible lender in their area. Businesses can also consult the SBA Massachusetts District Office’s list of participating Paycheck Protection Program lenders.
Finally, business owners with questions about the Paycheck Protection Program, Economic Injury Disaster Loan or Loan Advance, debt relief for existing or new SBA loans, or Express Bridge Loan programs can work with an SBA resource partner to understand which program is a fit for their business. These resources partners include Small Business Development Centers (SBDC), SCORE mentors, Centers for Women and Enterprise, and others. Find a resource partner near you by using the SBA’s Find Local Assistance tool.
Resources Addressing Unemployment Questions
As Secretary Acosta noted on Friday’s call, the Department of Unemployment Assistance is moving swiftly to implement three new public benefit programs that will extend unemployment benefits for certain claimants; temporarily increase weekly benefits for all claimants; and allow additional categories of people to claim unemployment benefits. These moves follow new guidance from the federal government regarding the CARES Act. You can read about these programs and next steps for claimants here.
The Department of Unemployment Assistance also hosts daily Virtual Town Hall sessions to support individuals applying for unemployment benefits in both English and Spanish. These forums are open to the public; interested parties can register to attend a Virtual Town Hall here.
Manufacturing Emergency Response Team (M-ERT) Portal
I wanted to circulate the link to the M-ERT portal again for your convenience. Feel free to forward this to any manufacturers in your constituencies who would like to learn more about this important effort to boost production of critical personal protective equipment (PPE).