Latest Government and State help and support

There will be a number of different Federal and State support for your business in a crisis. As these programs change frequently it’s important to access the right help at the right time, especially if your circumstances alter quickly.

Check the latest PPP updates on the HarborOne site.

The U.S. Small Business Administration has made some very important changes to the Payroll Protection Program.

In addition to extending the Covered Period, they are now providing for greater flexibility making it easier to have your loan forgiven. You should familiarize yourself with these changes by visiting www.sba.gov/funding-programs.

Search in your region and inside your industry for specific help and advice that relates to your business and your situation.

Other Government support

You can also apply for the Economic Injury Disaster Loan (EIDL) which is a $10k cash advance that doesn’t need to be repaid. Use the funds to keep employees on the payroll, pay for sick leave, meet any increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent, and mortgage payments. The online application is here.

The Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with us to access up to $25,000 quickly. These loans can be used to bridge the gap while waiting for PPP funds to be paid or other delays. This is a loan and so will need to be repaid (unlike the PPP if the forgiving criteria is met).

If you have any existing SBA loans, you’ll automatically be eligible for SBA Debt Relief. The SBA will automatically pay the principal, interest, and fees of any current 7(a), 504, or microloan issued prior to September 27, 2020 for a period of six months. This increases the amount of cash you have available to keep your business up and running.

Rhode Island

Massachusetts

Other help

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Disclaimer

For informational purposes only. There is NO WARRANTY, expressed or implied, for the accuracy of this information or its applicability to your financial situation. Please consult your financial and/or tax advisor. Full legal disclaimer