President Signs COVID Relief Package
Late Sunday the White House announced that President Trump has signed the $900 billion COVID-19 relief package approved by Congress. The legislation provides aid for small businesses totaling $325 billion, including about $284 billion for a renewed and extended PPP loan program. The package also includes unemployment benefit extensions, stimulus checks of up to $600 per individual and tax breaks aimed at helping restaurants.  Key provisions of the new law include:

  • $325 billion to assist small businesses, including $284 billion to renew and extend the Paycheck Protection Program (PPP) for small businesses and non-profit organizations; and $20 billion for the Economic Injury Disaster Loan (EIDL) program
  • $15 billion to aid independent movie theaters, live entertainment venues and cultural institutions
  • Approximately $32 billion to support vaccine procurement and distribution
  • Extension of several business tax credits and incentives
  • Direct payments of up to $600 for individuals
  • Extension of federal unemployment benefits, including those for contractors and workers in the gig economy
  • Rental assistance and extension of federal eviction moratorium through January

For a detailed account from the Wall Street Journal, please click here.
Massachusetts Announces New Support for Small Businesses 
Late last week Governor Baker, Lt. Governor Polito, and Housing and Economic Development Secretary Kennealy announced substantial new support for small businesses across the Commonwealth. This support totals $668M in grant funding to stabilize our small business community. These funds will be used for two purposes: first, to make awards to qualified, existing applicants that did not receive grants in the first round of the MGCC Small Business Grant program, and second, to accept new applications from businesses in targeted industries, including restaurants, bars, indoor recreation and entertainment establishments, gyms and fitness centers, personal services, and others.  

Eligible businesses that already applied to the MGCC Small Business Grant Program, but were not funded due to limited funds available, will be prioritized for funding first and do not need to reapply. The online application portal for the new program will open this Thursday, December 31 at noon, and will close on Friday, January 15. Awards are expected to be announced in early February. You may read more about program terms in the press release or at www.empoweringsmallbusiness.org.
Cape Ann Chamber of Commerce capeannchamber.com