Small businesses in Massachusetts can now apply for Economic Impact Disaster Loans at www.sba.gov/disaster.
The SBA has established a toll-free hotline for questions: 800-659-2955.
Tax relief is on the way for small local businesses impacted by the COVID-19 outbreak, particularly those in the restaurant and hospitality sectors.
Recently announced by the Baker-Polito Administration, the new tax relief measures include postponing the collection of regular sales tax, meals tax and room occupancy taxes, normally due in March, April and May, to June 20. All penalties and interest that would otherwise apply will be waived.
There are some eligibility requirements:
- Businesses paying less than $150,000 in regular sales plus meals taxes in the year ending February 29, 2020 will be eligible for relief for sales and meals taxes.
- Businesses paying less than $150,000 in room occupancy taxes in the year ending February 29, 2020 will be eligible for relief with respect to room occupancy taxes
Governor Baker also signed S.2599 to provide unemployment assistance to workers impacted by COVID-19. This legislation will allow new claims to be paid more quickly by waiving the one-week waiting period for unemployment benefits.