Executive Office of Housing & Economic Development: March 20 updates on the Commonwealth’s response to COVID-19
Updates on the Commonwealth’s response to COVID-19. Below, find several new updates of interest to the business community, followed by a summary of the topics covered on the call March 20.
Small Business Tax Relief – Late-file and Late-pay Penalties Waived
The Baker-Polito Administration recently 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.
The Department of Revenue announced today that it will waive any late-file or late-pay penalties for returns and payment due for meals and room occupancy taxes between March 20 and May 31, 2020.
Emergency Supply Hub
Life sciences industry leaders joined the Administration today to highlight the new Massachusetts Life Sciences Emergency Supply Hub. MassBio, in partnership with MassMEDIC, the Massachusetts Health and Hospital Association, and the Conference of Boston Teaching Hospitals, launched the Supply Hub to help coordinate efforts aimed at bringing additional supplies and resources to the Commonwealth’s health care institutions as they test and treat patients with COVID-19. The initiative calls on life sciences and health care organizations in the state to donate supplies needed to combat COVID-19. MassBio will share information with the Department of Public Health to triage and connect supplies with those healthcare providers that need them.
Additional Funding for Small Business Recovery Loan Fund
This week, the Administration announced a $10 Million Small Business Recovery Loan Fund to provide financial relief to small businesses and non-profits impacted by COVID-19. Today, the Administration announced that MassDevelopment’s Board of Directors will meet next week to vote on a partnership that will make an additional $10 million available to within the Small Business Recovery Loan Fund. These funds will be used to meet existing applicant demand; the Fund is no longer accepting applications. This state-level emergency loan fund is aimed at providing crucial resources for small businesses that will supplement important federal relief. Applicants are strongly encouraged to apply for the SBA Economic Injury Disaster Loan program, a $50 billion program of the U.S. Small Business Administration.
The Small Business Administration Economic Injury Disaster Loan program is open in MA
The Baker-Polito Administration announced on March 18, 2020, that the U.S. Small Business Administration (SBA) approved the Commonwealth’s disaster declaration, and will offer low-interest federal disaster loans for working capital to Massachusetts small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).
Small businesses and private non-profit organizations of any size that have been financially impacted as a direct result of the Coronavirus (COVID-19) may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years.
Small businesses that were previously profitable, but whose revenues have suffered due to the COVID-19 outbreak (since January 31, 2020), should apply for the SBA EIDL program here. We encourage anyone who applied to the MGCC fund to apply to the SBA EIDL.
In Conversation with the Banking Community
As noted on the call, the Executive Office of Housing and Economic Development is engaged in ongoing and productive conversation with the banking community. The Division of Banks issued guidance for banks in meeting the financial needs of their customers, both households and businesses, available here.
Resources from the Executive Office of Labor and Workforce Development
MBTA Service Reduction
Keep track of changes to the MBTA’s services at https://www.mbta.com/.
We’ll circle back with a dial-in for Friday’s call; in the meantime, please book 1-2 pm on Friday, March 27, 2020 on your calendar for our next touchpoint.
As always, reach out to email@example.com with questions.