Vol. I No. 07 11/1/2020
Notes from Stockbridge Chamber
by Barbara Zanetti, Executive Director
The Commonwealth of Massachusetts has made $50.8 million in grants available to support small businesses, microenterprises, and their employees, families and communities. Massachusetts Growth Capital Corporation (MGCC) will be administering these funds to businesses experiencing economic hardship and a loss of income due to the COVID-19 pandemic.
These funds were appropriated through the Commonwealth's Supplemental Budget for Fiscal Year 2021 (FY21) as well as the CARES Act of 2020 and are divided into two programs.
Grant funding is intended to help businesses adversely impacted by the pandemic. Preference will be given to small businesses whose owners are women, minorities, veterans, members of other underrepresented groups, who are focused on serving the Gateway Cities of Massachusetts, and those most negatively impacted by the COVID-19 pandemic. Preference will also be given to applicants that have not been able to receive aid from other federal programs related to COVID-19.
Timeline: Application will be open for 3 weeks
10/22/2020 at 12:00 PM — Application opens.
11/12/2020 at 12:00 PM — Application closes.
Applicant Eligibility: Each program encompasses its own eligibility criteria. Applicants must review the information to determine which program to proceed with applying. For more information, please click here to visit the Berkshire Planning website.
The Small Business Administration and the Treasury Department announced a streamlined forgiveness process for the Paycheck Protection Program borrowers of $50,000 or less. Treasury also posted an update clarifying that the extended deferral period under the PPP Flexibility Act automatically applies to all PPP loans. Finally, the IRS announced that PPP forgiveness amounts are not to be included in a borrower's gross income for federal income tax purposes and lenders should not issue a 1099 to borrowers for the PPP forgiveness amount.
For further information, click here to visit the US Treasury website.
To contact Barbara, send an email to: firstname.lastname@example.org
Teresa O'Brient is making the best of it at the Country Store. Photo: Patrick White