COVID-19 Recovery Programs & Resources – March Update

RAPID REEMPLYOMENT PROGRAM 

As part of the Administration’s “Partnerships for Recovery” plan to stabilize and grow the Massachusetts economy, the Workforce Skills Cabinet has announced a new grant program, the Rapid Reemployment Program. Through this program, occupational training providers partner with MassHire Centers and at least one employer to build specific skills in the labor market and match those skills with good jobs. Target sectors include in-demand Healthcare, Information Technology, Financial Services or Transportation occupations. Importantly, the Rapid Reemployment model leverages the performance based contracting approach used in the Career Technical Initiative. Eligible lead applicants are Massachusetts based training providers with experience and existing training capacity to deliver occupational training to the target population for proposed targeted occupations. Read more about this program here.

SBA UPDATES

• The Shuttered Venues Operators Grant Program will open on April 8^th, 2021. SBA will host a national informational webinar to highlight the application process for potential eligible entities from 2:30 to 4 p.m. ET on Tuesday, March 30, 2021. Those interested in participating can register here.
  •  In addition, the American Rescue Plan Act also amended the SVOG program so entities that apply for a PPP loan after Dec. 27, 2020, can also apply for an SVOG, with the eligible entity’s SVOG to be reduced by the PPP loan amount. Read the Cross-Program Eligibility Matrix here.
• The SBA is now allowing applicants that file IRS Form 1040, Schedule C to calculate their maximum loan amount using gross incomeinstead of net profit, which may enable some borrowers to access higher loan amounts. See the form for First Draw PPP applicants and Second Draw PPP applicants online. 
• Recent federal legislation created a new grant program, the Restaurant Revitalization Fund, to be administered by the SBA. Stay tuned for news about this program’s opening in the coming weeks. 
• SBA recently announced extended deferment periods for COVID-19 Economic Injury Disaster Loan (EIDL) program, until 2022.
  • All SBA disaster loans made in calendar year 2020, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 24-months from the date of the note.
  • All SBA disaster loans made in calendar year 2021, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 18-months from the date of the note.

MGCC – NEW GRANT PROGRAMS

MGCC announced two new grant opportunities this week: 

• Small Business Resiliency Technical Assistance Grants: The Small Business Resiliency Technical Assistance Grants Program will support non-profits who offer programming designed to help existing small businesses recover and thrive post COVID-19 in underserved communities in Massachusetts. Read more and apply here. 
• CDFI & CDC Matching Capital Program: This program seeks to support the recovery, resiliency, and growth of small businesses in underserved communities post COVID-19 by providing matching capital to eligible non-profit community-based lenders. Read more and apply here.