Yesterday was Yom Kippur, the Day of Atonement. But it’s unlikely that any businesses or nonprofits were inscribed in the SBA’s Book of Forgiveness.
In fact, according to Politico, as of Thursday “not one” of 5.3 million recipients of the agency’s Paycheck Protection Program has obtained forgiveness on their loans
the key feature of the federal program.
Much like the confusion that reigned when the PPP program launched
banks say they’ve gotten conflicting information from various SBA officials, which can be a particular problem if you’re an owner trying to sell your
“There is significant concern as to how the process is going to work and a concern the SBA may not anticipate the magnitude of loan forgiveness applications
they’re going to receive," Naeha Prakash of the Bank Policy Institute, told Politico.
Here's another concern: Reports say that it’s taking some applicants up to 15 hours to complete the SBA’s “EZ” forgiveness application. Then, depending
on the complexity, it can take lenders between 50 to 75 hours to review each application, according to a Government Accountability Office report,
the BBJ reports.
By many accounts, the PPP saved millions of jobs and many businesses, through $525 billion in loans.
But, needless to say, the last thing business owners and nonprofit directors need right now is to spend 15 hours filling out PPP’s "EZ" paperwork, rather
than continuing the fight to save their operations.
City Council wants to hear from restauranteurs
The Newton City Council will hold a public hearing via Zoom
on Thursday (Oct. 1) at 6 p.m. to discuss the impact of COVID-19 on restaurants. The meeting will provide an opportunity for restauranteurs to speak
directly to the council about their challenges. Go here to join the Zoom meeting
And if you’re a local restaurant operator and are not yet part of chamber’s Newton-Needham Dining Collaborative
we hope you’ll join your colleagues. Chamber membership not required (but we hope you will consider joining once economic conditions improve). Through
advocacy, communication and marketing, the collaborative aims to a voice and a resource for the restaurant community. Sign up here.
Insurer offers ‘COVID coverage’
Wellesley-based Sun Life U.S. has added three new types
of COVID-19 coverage for businesses that self-finance their employee health insurance plans. (BBJ story.)
One of the products covers businesses if a coronavirus outbreak occurs at their workplace. If a certain number of employees tests positive for Covid-19,
policyholders can receive a benefit payment for the employees under the new coverage. The first of its kind product is an add-on to Sun Life’s stop-loss
offerings. Pricing varies by employer size and other variables.
Learn how the Needham St./Highland Ave. project will impact you
Project organizers will introduce the contractor P. Gioioso & Sons
and discuss the construction schedule and sequencing.
The projects aims to address the most glaring challenges along this two-mile stretch; starting at the junction of Winchester Street and Route 9 in Newton
and extending down Needham Street, across the Charles River onto Highland Avenue in Needham.
This will be a years-long project that will impact our lives and the lives of our employees and customers so it's worth understanding.
Flu vaccine clinics at your office
Andrew Stein at Bird’s Hill Pharmacy
in Needham says he has plenty of flu vaccine on hand and is willing to come to your work place to administer a clinic.
Most insurances cover this at no cost to the employer or employee. You can go to the pharmacy to be vaccinated as well. Email
or call 781-449-0550
Weekend BC celebration a cause for concern
BC tells Boston.com
the team was tested Friday and subsequently quarantined in a hotel until the home game Saturday afternoon.
But Bowman points to a study
raising concerns about the likelihood of false negative tests. Even if the university is testing regularly, there are no assurances everyone is COVID-free.
“The celebration could have happened outside,” Bowman said. “It could have happened with masks. It could have happened with separation. It could have happened
with all three of those.”
BC is the only college football program
in New England playing this fall. NCAA guidance says that “even low-risk populations should consider minimizing time spent in crowded environments.”
Back with more tomorrow.
Slow, deep, breaths before tonight's presidential debate, OK?
President, Newton-Needham Regional Chamber