Chamber Update: Covid Info Today For Retailers, Restaurants, Independent Owners

Arlington MA

26 January, 2021

2:28 PM

Description

Your Arlington Last Updated: 25 January 2021 Written by Beth Locke UPDATED, Jan. 22: The Chamber of Commerce offers this update: Covid update Monday, Jan. 25, for retailers, restaurants, independent owners, 9 to 10:30 a.m. Join the Small Business Administrations's Massachusetts district office on for an overview on all of the new relief programs available. Info & Registration Multi-Chamber Virtual Networking - Make Your Own Delicious Pomegranate Mojito! Wednesday, Jan. 27, 3:30 to 5 p.m. This event kicks off with a make your own cocktail/mocktail lesson followed by breakout rooms for networking. Join us! Info & Registration Dementia Friendly Training: How to Make Your Business and Team Dementia Friendly Thursday, Jan. 28, from 9 to 10:30 a.m. This session will share five key messages about living with dementia and the simple things you can do to make a difference in your community. Info & Registration New guidance on Paycheck Protection Program The Small Business Administration recently released new guidance governing the reopening of the Paycheck Protection Program. This guidance comes in the form of an Interim Final Rule, Interim Final Rule on Second Draw PPP Loans and Guidance on Accessing Capital for Minority, Underserved, Veteran, and Women-Owned Business Concerns. In addition, see the press release for highlights of the programmatic changes made to PPP via the recently-passed federal stimulus. Several key program changes include: Allows past recipients to receive a "Second Draw" from PPP Makes 501(c)6 nonprofits eligible applicants, among other types of organizations Allows borrowers to set their covered loan period to any length from 8-24 weeks to allow additional flexibility Expands what is an eligible forgivable expense to include costs, including adaptive operations expenditures, property damage costs, technology operations, supplier costs, and worker protection expenditures Clarifies that PPP loans are tax-free and eligible expenses paid with PPP proceeds are tax-deductible Caps First Draw loans at $10 million and Second Draw loans at $2 million Allows Accommodations and Food Service businesses to obtain loans calculated at 3.5x average monthly payroll As with prior implementations of PPP, businesses can apply for a forgivable loan via SBA lenders and should speak to their lender to discuss an application. Effective today, community lenders (community development financial institutions, minority depository institutions, certified development companies, and microloan intermediaries, more here) are able to offer PPP loans to applicants that have not yet received a loan; on January 13th, these lenders will be able to offer loans to "Second Draw" applicants. All lenders will be authorized to offer the program shortly; the date has not yet been announced. For additional information on PPP, forms, and other information, visit www.sba.gov/ppp. YourArlington.com has provided news and opinion about Arlington, Mass., since 2006. Publisher Bob Sprague is a former editor at The Boston Globe, Boston Herald and Arlington Advocate. Read more at https://www.yourarlington.com/about.