Business Support
Growing or Starting a Business?
The North Shore Chamber of Commerce will be hosting a free, virtual seminar Thursday, March 10, 2022, 11 am - 12:30 pm. This seminar features representatives from the US Small Business Administration (SBA), SCORE Northeast Chapter, Center for Women & Enterprise, and the Massachusetts Small Business Development Center Network (MSBDC). The event will focus on starting and growing a small business in the new economy. To register please use the following link: https://web.northshorechamber.org/events/Growing-or-Starting-a-Business-Join-Us--89/details
Posted 03/12/2020
In an effort to support businesses in Danvers the Town will be providing relevant updates related to COVID-19 as information becomes available. We are here for you and are ready to assist you and your employees as much as we possibly can.
The State of Massachusetts has created a webpage with fantastic information, resources and guidance for businesses. This page contains links to State and Federal programs designed to help business owners maintain payroll and obligations, offer loan assistance, and guidance for your employees related to unemployment or employment assistance. A few of these programs are outline below.
During this time, if we can be of assistance please let us know. For updated information specific to the COVID-19 pandemic and the Town’s response, please visit the following page: https://danvers-ma.proudcity.com/information-on-coronavirus/
Sincerely,
David Fields, Director of Planning + Economic Development
[email protected]
(Update 10/05/2021)
Massachusetts Growth Capital Corporation small business funding
The Biz-M-Power crowdfunding matching grant program offers small businesses in Massachusetts financial assistance with their acquisition, expansion, improvement or lease of a facility, purchase or lease of equipment, or with meeting other capital needs for the business. Click here for more information.
(Update 08/18/2021)
SBA Announces Opening of Paycheck Protection Program Direct Forgiveness Portal
Last Call: Administrator Guzman Announces Final Push for Restaurant Revitalization Fund Applications
Qualifying eating establishments should submit applications by the May 24th deadline
(Update 05/27/2021)
Danvers Square Rapid Recovery Plan Virtual Meeting
Come learn about this effort and the recently-collected baseline data that will be used to answer questions, such as ‘What are the impacts of COVID-19 on businesses?’ and ‘How conducive is the physical environment to meeting the needs of both businesses and customers?’
With the data, your input on priorities, and support from subject matter experts, the Town will soon be defining a set of projects aimed at supporting recovery of both the physical and business environments in the near future. Please join the Danvers Square Rapid Recovery Plan Virtual Meeting on Thursday May 27th at 8AM here
(Update 4/21/2021)
Restaurant Revitalization Fund (RRF)
The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023. Find out more about this opportunity here.
(Update 12/08/2020)
MilliporeSigma invests $47M in U.S. biomanufacturing facilities
MilliporeSigma is increasing its manufacturing footprint in the U.S. with a $47 million investment in its Danvers, MA, and Jaffrey, NH, biomanufacturing facilities. The Danvers expansion will add 65,000 sq ft of single-use assembly operations to the existing 120,000-sq-ft facility. This will support MilliporeSigma's Mobius single-use consumables production. The total investment in about $25 million and will add approximately 400 jobs throughout 2021. Read more about this expansion here. More from the Associated Press here.
(Updated 10/26/2020)
COVID-19 Grants for Massachusetts Small Businesses
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. More information can be found in the Details section of the following link: https://www.empoweringsmallbusiness.org/covid-19-response/covid-19-grants-massachusetts-small-businesses
(Updated 7/9/2020)
Small Business Strong
Small Business Strong is a partnership between several organizations across the Commonwealth created to provide high-quality services to Massachusetts small businesses to help them bridge through the current economic crisis, with a particular focus on those that are minority- and women-owned, at no cost to small business owners. It provides access to a group of professional volunteers, able to provide guidance and advice on how to best addresses challenges businesses may be facing, and further consultation in the areas of Finance and Accounting, Operations, Marketing and Digital, Human Resources and Law. Visit the Small Business Strong website at www.smallbstrong.com
(Updated 6/16/2020)
Economic Injury Disaster Loan and Loan Advance
To further meet the needs of U.S. small businesses and non-profits, the U.S. Small Business Administration reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19 on June 16th.
(Updated 5/27/2020)
What Businesses Can be Open as of May 25 (with restrictions as set out by the State)
- Essential businesses
- Manufacturing
- Construction
- Lab space
- Office space
- Limited Personal Services
- Hair salons
- Pet grooming
- Car washes
- Retail
- Remote fulfillment
- Curbside pick-up
For more detail on the specifics of what reopening will look like during the pandemic, please visit: https://danvers-ma.proudcity.com/information-on-coronavirus/
Massachusetts Reopening Information
Reopening Massachusetts website
When can my business reopen?
Guidance for industries
(Updated 4/27/2020)
Paycheck Protection Program (PPP)
The Small Business Administration will resume accepting PPP loan applications on Monday, April 27 at 10:30 AM EDT from approved lenders on behalf of any eligible borrower.
(Updated 4/24/2020)
MassHire Rapid Response Team Webinar
Join MassHire's Rapid Response Team for an interactive webinar that will provide up-to-date details on the various Unemployment Programs currently available for businesses and workers in Massachusetts. Click here to join a WebEx session on April 29, 2020 from 2:00 to 3:00 PM
(Updated 4/23/2020)
Pandemic Unemployment Assistance (PUA)
PUA is now available providing unemployment insurance benefits to classifications of workers who would otherwise not be eligible for unemployment benefits. This includes independent contractors, self-employed individuals, gig-economy workers and church or religious employees. For more information please click here
Paycheck Protection Program (PPP) Multilingual Translation and Technical Assistance Available for Massachusetts Small Businesses
Please visit the Massachusetts Growth Capital Corporation’s website, empoweringsmallbusiness.org, to obtain translated PPP information and a list of the 49 participating organizations helping to provide an opportunity for small business owners in Massachusetts impacted by COVID-19 who would otherwise be unable to tap into the SBA’s economic relief resources.
(Updated 4/21/2020)
Small Business Recovery Grant Program
The Local Initiatives Support Corporation (LISC) is now accepting applications for grants of up to $10,000 for businesses to address immediate financial peril, limit layoffs, avoid gaps in employee benefits or insurance, mitigate economic instability and increase the likelihood of business survival. For more information please click here.
Save Small Business Fund
Funded by corporate and philanthropic partners, the Save Small Business Fund is a collective effort to provide $5,000 grants to as many small employers as we can. To learn more click here.
Benefits For Self-Employed, Gig Economy And Other Workers
The Baker-Polito Administration announced that Massachusetts residents who are not eligible for regular unemployment benefits can now apply online for the new Pandemic Unemployment Assistance (PUA) program. Find out more at www.mass.gov/pua.
(Updated 4/16/2020)
Update: Funding Exhausted for $350 Billion Small-Business Paycheck Protection Program
Main Street Lending Program
On April 9, 2020, under authorization from Section 4003(c)(3)(D)(ii) of the CARES Act, the Federal Reserve created the Main Street Lending Program, providing small and mid-sized businesses access to liquidity. The Federal Reserve will provide up to $600 billion in capital to participating lenders that will provide qualifying loans to eligible businesses. The Program requires the establishment of two new loan facilities: (i) the Main Street New Loan Facility (MSNLF), which is intended to help facilitate new loans to businesses; and (ii) the Main Street Expanded Loan Facility (MSELF), which is intended to help facilitate the extension of already existing loans. Pursuant to the Program, participating banks will retain a 5% share of the loan and will immediately sell the remaining 95% back to the Federal Reserve through a special purpose vehicle (SPV) created by the Federal Reserve. The Program may have the effect of bridging the gap in the CARES Act between newly-enacted or expanded SBA loan programs, including the Paycheck Protection Program (the PPP) and Economic Injury Disaster Loans (EIDLs) and the Federal Reserve’s credit facilities designed to support credit to large employers. Read the press release via this link.
(Updated 4/15/2020)
Employee Retention Credit under the CARES Act
The employee retention credit is designed to encourage Eligible Employers to keep employees on their payroll. Eligible employers are those that carry on a trade or business during calendar year 2020, including a tax-exempt organizations. For more information on this credit please visit the IRS FAQ page.
Payroll Tax Deferral
This is another tax provision that can make a difference for employers. The CARES Act allows eligible employers to defer payment of part of their payroll taxes (which they would normally remit on a bi-weekly or monthly basis) to two larger payments; half due on December 31, 2021 and half due on December 31, 2022. As with the Employee Retention Tax Credit, this applies to federal tax liability. Read more about this provision in the IRS’s policy document
Please visit the Massachusetts Department of Revenue's COVID-19 Coronavirus Response Update page for information on State tax relief measures.
SBA Debt Relief
For information on 7(a), 504, and SBA microloan debt relief, please visit the SBA's website
(Updated 4/09/2020)
Paycheck Protection Program (PPP)
The Small Business Administration (SBA) is enhancing its Paycheck Protection Program during the COVID-19 pandemic. This program is designed to help you keep payroll moving and keep your employees employed. Any small business with less than 500 employees is eligible. For more information, click here: https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp
Express Bridge Loans (EBL)
In response to the COVID-19 National Emergency, the SBA Express Bridge Loan Pilot Program has been modified. Under this program businesses can now apply for up to $25,000 to assist in the ongoing pandemic recovery. https://www.sba.gov/sites/default/files/2020-03/Express-Bridge-Loan-Pilot-Program-Guide-FINAL-3.25.20.pdf
Economic Injury Disaster Loan (EIDL)
The SBA is issuing an Economic Injury Disaster Loan advance of up to $10,000 for eligible businesses, with a maximum loan amount of $2 Million. For more information, click here: https://covid19relief.sba.gov/#/ Please note, this program is eligible for small businesses with an existing banking relationship with SBA Express lenders as of the date of the disaster. Check Lender List Here
Massachusetts Workshare Program (Layoff Prevention)
This program offers employers an alternative to direct cuts in workforce. Employers can divide available work between affected employees instead of laying off workers. It also allows employees to receive a part of their unemployment insurance (UI) benefits while working reduced hours. For more information about this program and to apply: https://www.mass.gov/how-to/apply-for-workshare
Division of Insurance Bulletin
The Commonwealth of Massachusetts Division of Insurance issued a bulletin for insurance carriers encouraging them to offer flexibility to policyholders. This bulletin can be found here: https://www.mass.gov/news/bulletin-2020-05-flexibility-in-the-issuance-and-administration-of-insurance-during-covid-19
Tax Relief
The Baker-Polito administration announced administrative tax relief measures for small local businesses impacted by the ongoing COVID-19 outbreak, especially in the restaurant and hospitality sectors. Tax relief includes postponing the collection of regular sales tax, meals tax, and room occupancy taxes that would be due in March, April and May so that they will instead be due on June 20. Additionally, all penalties and interest that would otherwise apply will be waived. For more information, please visit: https://www.mass.gov/news/baker-polito-administration-makes-new-announcements-on-childcare-small-business-tax-relief-and
Unemployment Virtual Town Hall
The Department of Unemployment Assistance (DUA) hosts daily town hall meetings to guide attendees through the process to achieve a successful unemployment claim and to answer questions. These Virtual Town Halls will be held every day until the DUA call center is fully staffed and operational. To learn more visit: https://www.mass.gov/forms/massachusetts-department-of-unemployment-assistance-dua-virtual-town-halls