Support for Small Businesses During COVID-19
*The information contained below is to provide available resources to small businesses negatively impacted by the ongoing COVID-19 pandemic. The Town of Norwood does not confirm the accuracy of program information contained therein, nor does it advocate for any program, loan, or agency over another. Please contact the Department of Community Planning and Economic Development at CPED@norwoodma.gov or (781) 915-4742 with any questions, comments, concerns, assistance, etc.
- Small Business Strong
- Center of Women & Enterprise (CWE)
- U.S. Economic Development Administration (US EDA)
- Massachusetts Small Business Development Center Network (MSBDC)
- South Eastern Economic Development Corporation (SEED)
- SCORE - Small Business Resource Hub
Small Business Administration - COVID-19 Relief Programs
COVID - Economic Injury Disaster Loan (EIDL) Program
The SBA is no longer accepting applications for the COVID EIDL or the COVID EIDL Advance.
The SBA is no longer accepting applications for the PPP. HOWEVER, If you received a PPP loan and have not yet applied for forgiveness, you are likely still eligible for forgiveness, effectively turning your low loan into a grant.
PPP Loan Forgiveness
Business owners can also apply for loan forgiveness. A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender. Click here to learn more and apply for forgiveness.
- U.S. Chamber of Commerce PPP Loan Forgiveness: Informational Video
This loan program allows for small businesses that currently have a business relationship with an SBA Express Lender to access up to $350,000 with less paperwork than the EIDL. These bridge loans can provide economic support and also be used to bridge the gap while applying for a SBA Economic Injury Disaster Loan (EIDL). If a small business has an urgent need for cash while waiting for decision and disbursement on their Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.
- Up to $350,000 ($25,000 without collateral)
- Quick turnaround (within 36 hours)
- Credit decision: Made by the lender
- Will be repaid in full
Find an Express Bridge Loan Lender by connecting with your Boston SBA District Office.
- The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months.
- The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.
- If your disaster loan was in “regular servicing” status on March 1, 2020, the SBA is providing automatic deferments through December 31, 2020.
- Interest will continue to accrue on the loan.
- 1201 monthly payment notices will continue to be mailed out which will reflect the loan is deferred and no payment is due.
- The deferment will not cancel any established Preauthorized Debit (PAD) or recurring payments on your loan. Borrowers that have established a PAD through pay.gov or an Online Bill Pay Service are responsible for canceling these recurring payments. Borrowers that had SBA establish a PAD through Pay.gov will have to contact their SBA servicing office to cancel the PAD.
- Borrowers preferring to continue making regular payments during the deferment period may continue remitting payments during the deferment period. SBA will apply those payments normally as if there was no deferment.
- After this automatic deferment period, borrowers will be required to resume making regular principal and interest payments. Borrowers that cancelled recurring payments will need to reestablish the recurring payment.
Employee Retention Credit
Refundable tax credit program equal to 50% of the qualified wages an eligible employer pays to employees after March 12, 2020 and before January 1, 2021. Those who are eligible can get immediate access to credit by reducing employment tax deposits they are otherwise required to make. If a employer's employment tax deposits are not sufficient to cover the credit, the employer may get an advance payment from the IRS. For each employee, wages (including certain health plan costs) up to $10,00 can be counted to determine the amount of the 50% credit.
Employers, including tax-exempt organizations, are eligible for the credit if they operate a trade or business during the calendar year 2020 and experience:
- The full or partial suspension of the operation of their trade or business during any calendar quarter because of governmental order limiting commerce, travel, or group meetings during COVID-19.
- A significant decline in gross receipts.
An eligible employer's ability to claim the Employee Retention Credit is impacted by other credit and relief provisions as follows:
- If an employer receives a Small Business Interruption Loan under the Paycheck Protection Program, authorized under the CARES Act, then the employer is not eligible for the Employee Retention Credit.
- Wages for this credit do not include wages for which the employer received a tax credit for paid sick and family leave under the Families First Coronavirus Response Act.
- Wages counted for this credit can't be counted for the credit for paid family and medical leave under section 45S of the Internal Revenue Code.
- Employees are not counted for this credit if the employer is allowed a Work Opportunity Tax Credit under section 51 of the Internal Revenue Code for the employee.