Update 3/19/2020- Yesterday, the SBA announced that all counties in Massachusetts are now eligible for the SBA Disaster Assistance Loans. See below for more information.
Updated 3/20/2020 to include information about the State’s online resource list, as well as pending legislation in MA to provide tax relief to small businesses. See items 1 & 2 below for more information.
Communities across Massachusetts and the United States are dealing with the economic impact of the COVID-19 outbreak and Tyngsborough is no exception. With the Governor’s order to close all in-restaurant service of food and alcohol along with the prohibition of gatherings over 25 people and the closure of most schools, small businesses and employees are in need of support. We have compiled a list of resources for our local businesses, their employees, and our residents during this difficult time. As more resources become available, we will update this page.
If you are a local business owner and have additional questions about resources, please contact Eric Salerno, Town Planner & Economic Development Director at 978-649-2300 x115 or by email [email protected]
Resources for Local Businesses
- Massachusetts Resources & Guidance for Businesses during the COVID-19 Pandemic: Click here to visit the state’s list of resources which will updated regularly.
- Small Business Relief: The Baker-Polito Administration announced administrative tax relief measures for small local businesses which have been impacted by the ongoing COVID-19 outbreak, especially in the restaurant and hospitality sectors. This tax relief includes postponing the collection of regular sales tax, meals tax, and room occupancy taxes that would be due in March, April and May so that they will instead be due on June 20. Additionally, all penalties and interest that would otherwise apply will be waived. Businesses that paid less than $150,000 in regular sales plus meals taxes in the year ending February 29, 2020 will be eligible for relief for sales and meals taxes, and business that paid less than $150,000 in room occupancy taxes in the year ending February 29, 2020 will be eligible for relief with respect to room occupancy taxes. The Department of Revenue is currently drafting emergency regulations to implement these administrative relief measures, and they are expected to be finalized by today, Friday, March 20, 2020. Learn more here.
- Small Business Administration-The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration. Businesses are encouraged to apply sooner than later so funds will be available when you need them. There is an estimated 2-3 week turn-around time from application to deposit of funds.These loans are made from the U.S. Treasury and don’t require an application through a bank. The rate for small businesses is 3.75% and 2.75% for nonprofit organizations. Terms are up to 30 years and payments are deferred for 4 months. There is no obligation to take a loan if it is offered. SBA partners such as SCORE, SBDC, and the local Chamber of Commerce are available to provide assistance or guidance to help with applications. Learn more by clicking here. You can learn more about the Disaster Assistance Fund’s Three Step Process here.
Resources for Individuals Impacted by COVID-19
- Unemployment Benefits– The U.S. Department of Labor has issued guidance to the states instructing state agencies to apply existing unemployment law flexibly related to Coronavirus Disease 2019 (COVID-19).To assist individuals who cannot work due to the impact of COVID-19, the Baker-Polito administration has filed emergency legislation and emergency regulations that allow people impacted by COVID-19 to collect unemployment if their workplace is shut down. Learn more & apply by clicking here.