Town of Ashland
Economic Development Office Newsletter
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Don't Miss Out on Grant Opportunities waiting for you! |
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*ONE MORE DAY TO APPLY! THERE IS STILL TIME!*
Sector-Specific Relief Grant Program for Massachusetts Businesses
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This grant is part of the State's $668 million program to provide financial assistance to Massachusetts small businesses impacted by the COVID-19 pandemic. Detailed eligibility and application information can be found HERE. Applications are due by FRIDAY, January 15th by 11:59pm!
The program, titled the "Sector-Specific Relief Grant Program for Massachusetts Businesses," is being administered through the Massachusetts Growth Capital Corporation (MGCC).
Eligibility
In order to be eligible for this program, a business must:
- Have a physical establishment in Massachusetts
- Be a for-profit entity (sole proprietorship, partnership, corporation, cooperative or LLC)
- Be able to document a loss of income equal to or greater than requested assistance due to COVID-19 pandemic
- Be currently in operation, or if not in operation must have an intent to reopen
- Have been established prior to June 30th, 2019
- Be in good standing with the state and its city/town (current on all taxes due through March 1st, 2020, and have active and valid state licenses/registrations, if applicable)
The following businesses and organizations are NOT eligible for this program:
- Real estate rentals/sales businesses
- Businesses owned by persons under age 18
- Businesses that are chains (chains are defined as businesses not headquartered in Massachusetts with multiple locations)
- Franchisees
- Liquor stores
- Weapons/firearms dealers
- Lobbyists
- Cannabis-related businesses
- Non-profit organizations
Preference will be given to the following sectors:
- Restaurants, bars, caterers, and food trucks that collect and remit meals tax
- Indoor Recreation or Entertainment Establishments (e.g. movie theaters, comedy clubs, performing arts venues/organizations, arcades, bowling centers, pool/billiard halls, escape-the-rooms, trampoline parks, roller-skating rinks, other indoor spectator sports venues)
- Gyms or Fitness Centers (gyms, athletic clubs, exercise centers, health clubs, sports facilities, and fitness instruction centers such as aerobics, dance, yoga, karate, etc.)
- Personal Services (nail salons, barber shops, etc.)
- Event Support Companies where the primary source (more than 50%) of revenue is event-related (photography studios, videography studios, florists, limo services, event planning companies, event rentals, performers, convention and trade show organizations)
- Independent Retailers (businesses with brick and mortar locations that collect and remit sales tax)
This fund is intended to target the hardest hit small businesses that have an exceptional need of cash relief. MGCC discourages applications from businesses that:
- Are not showing an operating loss due to the coronavirus pandemic
- Have access to other sources of relief
- Have been able to continue to operate without significant financial distress
- Have adequate available reserves
Additionally, larger companies that are better positioned to endure this economic downturn and COVID-19 related restrictions should not apply.
An excessive number of applications submitted by businesses with lesser need will delay the awarding of grants to businesses facing extraordinary circumstances. An application review for a company without a truly exceptional need delays assistance for a business at risk of permanent closure.
Application Information
Required documentation will include:
- Certificate of Good Standing from the Massachusetts Secretary of State’s office
- Complete 2019 Federal Business Tax Return
- Complete 2019 Federal Personal Tax Returns for each business owner with 20% or greater ownership
Award Information
Businesses can receive up to $75,000, capped at up to 3 months of operating expenses, as evidenced by 2019 Federal Tax Returns. Grant amounts will be considered for actual expenses for 2020 during the pandemic. Expenses can be considered since March 10th, 2020, given that it does not exceed 3 months of operating expenses evidenced by 2019 Federal Tax Returns.
Eligible use of the funds will include:
- Employee payroll and benefit costs
- Mortgage interest
- Rent
- Utilities
- Interest on other debt obligations
Funds may NOT be utilized for:
- Major equipment purchases
- Purchase of real property
- Construction activities
- Business expansion
- Lobbying
Recipients may not apply funds awarded through this program to any expense that has been or will be covered by another source of federal or state funding, including but not limited to the Paycheck Protection Program and Economic Injury Disaster Loans.
Businesses will be required to retain certain documentation to demonstrate that funds were properly utilized.
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The Paycheck Protection Program (PPP) is back!
PPP is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. First Draw PPP Loans can be used to help fund payroll costs, including benefits, and may also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations. SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.
PPP access during this round is at first being given exclusively to community financial institutions (CFIs) including Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs) and Microloan Intermediaries. Additional lenders will be able to submit First and Second draw PPP loan applications this week.
As of today, participating CFIs may begin submitting application information to SBA for Second Draw PPP loans. A Second Draw PPP loan is for certain eligible borrowers that previously received a PPP loan, generally have 300 employees or less, and have suffered a 25% reduction in gross receipts. At least $15 billion is set aside for additional PPP lending by CFIs.
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COVID-19 Economic Injury Disaster Loans
In response to the Coronavirus (COVID-19) pandemic, small business owners, including agricultural businesses, and nonprofit organizations in all U.S. states, Washington D.C., and territories can apply for an Economic Injury Disaster Loan. The EIDL program is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to coronavirus (COVID-19). SBA is currently accepting new Economic Injury Disaster Loan (EIDL) applications from all qualified small businesses, including agricultural businesses, and private nonprofit organizations.
If you have already applied via the streamlined application portal, please do not resubmit your application.
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We still have funding available for the federally-funded Community Development Block Grant (CDBG) program for microenterprise businesses.
You can still apply for grants of up to $10,000 for microenterprise businesses (defined as a commercial enterprise that has 5 or fewer employees).
CLICK HERE (https://massgcc.submittable.com/submit) to connect directly to the online application.
For any questions please contact: Beth Reynolds, breynolds@ashlandmass.com or 508-532-7905.
Please note that business type exclusions to the grant include: Real estate rentals/sales businesses, businesses owned by persons under age 18, businesses that are chains, liquor stores, weapons/firearms dealers, lobbyists or Cannabis-related businesses. Businesses must be located in one of the 23 participating communities.
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Events to Attend (Virtually) |
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Cyber Crime: How to Protect Yourself and Loved Ones |
“Practical Tips to Ensure Personal Security and Avoid Cyber Crime”
Thursday, January 21st 2021
12:00pm to 1:30pm
Speaker: Gary Rossi, Vice President, Fidelity Global Security
All are invited to attend this FREE ABA event!
Register here for this free, online program.
A Zoom link will be sent to you upon registration.
About the online event:
Fidelity Security Service VP and former FBI special agent Gary Rossi will explain how to protect ourselves and our loved ones from cyber threats. Learn where cyber crimes take place; how cyber criminals operate and who they target; strategies to protect ourselves; and how to protect elders from scams.
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MetroWest Virtual Women's Networking Series |
Wednesday, January 27th 2021
5:30pm to 7:00pm
Start off 2021 with the first Metrowest Virtual Women's Networking Event of the Season.
Join in the conversation, introduce yourself and your business, make new connections and build new relationships.
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Stay Informed with the Town of Ashland |
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