Financial Aid

4/21/2020 (Permalink)

A lot has been discussed regarding the importance of reopening America and how to do so responsibly. The proposed three phase Federal guideline offers State and local Governments a roadmap to follow. Ultimately, however, the decision resides with each state. Over the past week Governor Baker has classified Massachusetts as, “one of the country’s hot spots for the coronavirus” and that he is looking for, “14 days of steady declines in positive coronavirus tests before the state can open up again.”

What does this mean for the citizens of the Commonwealth who have been, and will continue to be, impacted by the state’s closure? If you are unemployed due to the coronavirus pandemic, an independent contractor or a small business owner struggling to pay the bills, here are some useful links:

Pandemic Unemployment Assistance

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.

Pandemic Unemployment Assistance (PUA) provides up to 39 weeks of unemployment benefits to individuals who are unable to work because of a COVID-19-related reason but are not eligible for regular or extended unemployment benefits.

For more information and to apply click, Apply for Pandemic Unemployment Assistance

Self-Employed, 1099ers & Independent Contractors

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.

Small Business Owners

The U.S. Small Business Administration (SBA) has issued updated guidance that it will provide initial EIDL loan disbursements of up to $15,000, in addition to the advance of up the $10,000 detailed in the Economic Injury Disaster Loan (EIDL) Program Guide.

The U.S. Chamber sent a letter to Capitol Hill urging members of congress to swiftly increase funding for the Paycheck Protection Program (PPP) in addition to renewing funding for the Economic Injury Disaster Loan (EIDL) program.

Here are the funding options available to small businesses:

• Payroll Protection Program
• FAQ document pertaining to the Paycheck Protection Program (PPP).
• Emergency Economic Injury Grant.
• Express Bridge Loan
• Small Business Debt Relief Program

For more information regarding Financial Aid during these difficult times, for yourself or your business, visit the Neponset River Regional Chamber  website.

All of us here at SERVPRO of Framingham want you and your loved ones to stay safe and know that we will make it through this together! Rest assured, we will continue to do our best to keep you up-to-date and informed!