TODAY MARKS THE FIRST DAY SELF-EMPLOYED, INDEPENDENT CONTRACTORS CAN APPLY FOR PPP LOANS
PPP OPENED TO ADDITIONAL EMPLOYMENT CATEGORIES
Today, Friday, April 10 marks the first day independent contractors and self-employed workers can apply for forgivable loans through the Payroll Protection Program - a $349 million segment of the $2 trillion federal CARES Act. Independent contractors receiving 1099-MISC forms and self-employed individuals are eligible to apply for these, potentially 100 percent, forgivable loans.
REQUIREMENT
: You must have been in operation on Feb. 15, 2020, your business must have been harmed by the COVID-19 pandemic, and you must submit required documentation along with your loan application.
WHAT DO I NEED TO APPLY?
Once you know with which lender you will apply, complete the PPP application and submit with the required documentation to an approved lender by June 30, 2020.
WHERE CAN I APPLY?
Existing SBA lenders and any federally-insured depository institution, federally insured credit union, or Farm Credit System institution is eligible to make PPP loans. Other regulated lenders will be available to make these loans once approved and enrolled in the program. Consult your local lender to determine if it is participating.
Visit the SBA's website for a list of eligible lenders
.
A number of Chamber member financial institutions are handling U.S. Small Business Administration PPP loan applications. The Chamber has reached out to each of these members to determine availability and have learned that many are prioritizing applications from their existing customers. We recommend you contact your existing bank to determine if they are participating as lenders in the new PPP.
If you would like specific contact information for one of the banks/credit unions accepting new members, we would be happy to make an introduction. Please contact Karen Pelletier, executive vice president
,
via email.
DETAILS & FORGIVENESS:
- The maximum loan size is up to 2.5 times a contractor's average monthly 1099-MISC or net self-employment income for the past 12 months
- All amounts spent on the following list of items during the first eight weeks of the loan term are 100 percent forgivable: (a) to replace your 1099-MISC income or your net self-employment income, (b) interest on mortgages, (c) business rent, and (d) business utilities. Note, if more than 25 percent of this amount is used for interest on mortgages, business rent, or business utilities not all of the amount spent may be forgivable.
- The interest rate is fixed at 1 percent and the loan term is 2 years
- Loan payments will be deferred for six months
- No collateral or personal guarantees are required
- Neither the government nor lenders will charge small businesses any fees for the loans.
FOR WHAT CAN I USE THESE LOANS?
You should use the proceeds from these loans on your:
- Replacement for your normal 1099-MISC or net self-employment income (capped at $100,000 on an annualized basis for each employee)
- Interest on mortgage obligations, incurred before Feb. 15, 2020
- Rent, under lease agreements in force before Feb. 15, 2020
- Utilities, for which service began before Feb. 15, 2020
NOTE:
A previous version of the PPP application guidelines included language precluding companies from calculating compensation figures which reflected independent contractor fees as well as independent contractors and the self-employed themselves from applying for the loan program.
Those provisions were lifted today.
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HOW TO: APPLY FOR HEALTH CARE JOBS AT TEMPORARY COVID-19 TREATMENT SITES
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You can make a difference by providing aid and comfort to those in need.
There are employment opportunities for a variety of roles at temporary care sites across the state. The Commonwealth of Massachusetts needs health care and human services professionals to staff temporary health care sites popping up in response to the volume of COVID-19 patients.
Massachusetts'
Health and Human Services Sec. Marylou Sudders announced a
new job board
hosting applications for COVID-19 temporary care sites including field hospitals and dedicated skilled nursing facilities. Positions include health care and human services roles including respiratory therapists, nursing aides, and housekeepers.
Other,
non-health-care-related job opportunities
available during, and as a result of, the COVID-19 pandemic can be accessed on the
MassHire job board
. This resource is designed for both
employers
and
workers
.
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Seeded with $475,000 from the
Greater Worcester Community Foundation
in support of organizations disproportionately impacted by the pandemic, the Worcester Together fund is nearing $4 million in donations from the community.
THANK YOU!
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UPCOMING CHAMBER EVENTS
| April 15, 22, 29
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REVIEW COVID-19-RELATED LEGISLATION WITH MA CONGRESSMAN MCGOVERN
| APRIL 15 at 12 NOON
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The Chamber has arranged a Zoom conference call with Congressman McGovern on Wednesday, April 15 during which he will discuss recently passed legislation as well as what can be expected in the near future.
This is an opportunity for our members to provide feedback to Congressman McGovern and help guide future legislation. Although we have expanded our usual bandwidth, the conference has a capacity of 300 participants. Therefore, if you are interested,
we urge you to register as soon as possible and to dial in as near as possible to the scheduled time to prevent being locked out of the call due to capacity.
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WEDNESDAY, APRIL 15
at 12 NOON
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SALES AND LEADERSHIP IN THE ERA OF CRISIS
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FREE WEBINAR
How To Succeed with Selling During Uncertainty
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Designed for business owners, sales leaders, and sales professionals, this webinar will focus on what it takes for you and your team's sales to be successful during turbulent times.
You will learn:
- Behavior and conversation mapping processes
- Remote work environment tips for success
- How to stay relevant and have meaningful and purposeful conversations
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FREE WEBINAR
How To Succeed with Leading During Uncertainty
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Our routines have changed dramatically, our work environments look nothing like they did a month ago, and our companies have had to make some of the toughest decisions in their history.
How leaders handle this crisis determines our future.
In this webinar, thoughtful leadership, accountability, and the necessary steps to keep the engines running will be reviewed.
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DURING THE PANDEMIC, WEBINARS ARE OPEN TO ALL AT NO COST
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PARTICIPATE IN OR HUNT OUT EXAMPLES OF
#HEARTWORCESTER
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It's the
WEEKEND!
Take some time and show your love for this city by placing a heart in your window. As essential workers travel to and fro they will see this reminder of appreciation and smile!
Thank you to the
Worcester Public Library
for this great idea!
#InThisTogether
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NOTE
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To keep our members up-to-date on available resources and the Chamber response to COVID-19, for the foreseeable future the Worcester Regional Chamber of Commerce will issue daily emails at noon. These emails contain a variety of information from local, state, and federal loans to the offerings of local businesses and best practices during this uncertain time.
As always, we are here to help.
Due to the Governor’s stay-at-home advisory for non-essential employees, the Chamber office will be closed through April 7. Staff members will be checking email and voicemail and will respond accordingly. We will continue to monitor the most up-to-date information to best serve our business community. If you need assistance at the office, please email
the Chamber
. If you need assistance with Certificate of Origin processing, please email
Brenda Elmes
, office manager.
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We wish you all continued health. Please reach out if the Chamber can be of assistance.
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