Welcome to day 47 of our state-ordered shut down. We’re now five days away from the first of the month, rent day, and just hours away from when the SBA will begin accepting PPP loan applications again (see below).
Tonight, was also supposed to be a special evening for our chamber, our local restaurants, our members and our communities.
Yes, tonight was supposed to be our 26th annual “Spring Seasonings: A Taste of Our Towns.” It’s my -- and probably your -- favorite chamber event of the
year. It’s also a critical fundraiser for the chamber and a night when our restaurateurs get together to show off their talents and mix it up with
colleagues they’re often too busy working to visit.
It’s hard to imagine what Spring Seasonings will look like in the future. Will we ever be comfortable being in a ballroom with 500 people, enjoying small
bites from 40 of the region’s best restaurants? And let’s be honest it’s hard to know which of our cherished restaurants will survive our current economic
uncertainty. That's why it’s incumbent upon all of us to support the local restaurants offering take-out, delivery and catering today.
We want to thank Newton-Wellesley Hospital, The Street Chestnut Hill and The Village Bank, who agreed back at the beginning of the year to be Spring Seasonings
sponsors. And we want to express our gratitude to the Newton Marriott and our restaurant partners who are so generous to our communities all year long.
All week, we're going to be sharing videos and updates from our local restaurateurs via social media, starting with the video below. I hope you’ll enjoy
it as much as we do. (And please share it if you do!)
PPP 2.0 starts at 10:30 today
The Small Business Administration will resume accepting PPP loan applications this
morning (April 27) at 10:30 a.m. The SBA’s Economic Injury Disaster Loan and advance loan programs have also received additional funding.
Here’s some links that may help:
- Businesses can access the SBA’s Find A Lender tool or consult the SBA Massachusetts District Office’s list of participating Paycheck Protection Program lenders.
- A list of chamber member banks is here.
- The SBA will offer virtual sessions to support small businesses all week. Sign up for SBA email updates to receive notice of these programs. Businesses should also consult SBA Resource Partners, who offer remote counseling and coaching.
- Small businesses in need of application translation services can go to the Massachusetts Growth Capital Corporation's online resources. This website provides a list of technical assistance providers who can help businesses apply for PPP in languages other than English.
- Congress earmarked $60 billion of the second round of $310 billion PPP funding to be administered by small lenders and community banks. As of Sunday afternoon, it was unclear which lenders will be participating. But here is a list of institutions that provided loans to Massachusetts companies in the first PPP round (color coded by asset level) which may help determine which lenders will be deemed "small."
Kennedy is unhappy with big banks
After many businesses and nonprofits complained of being unable to secure a PPP loan from some of the nation’s largest banks, Newton Congressman Joseph
Kennedy III is pressing Bank of America, Santander, Wells Fargo and other large banks to explain how they prioritized processing applications.
“I write to express deep frustration on behalf of thousands of small business owners who have experienced enormous difficulty with your institution’s Paycheck
Protection Program (PPP) application process,” Kennedy wrote. “Since the creation of the PPP, countless small business owners have remained in your
respective queues, unable to receive any funding or even assistance when they seek it. As this program resumes, I ask that you provide Congress with
information detailing the manner through which your institutions are processing these applications.”
Kennedy requested information about the average monthly payroll for companies denied loans and the demographic data for those companies.
“If these banks are prioritizing large loans over small businesses that are struggling to survive, the American public has a right to know. Working Americans
deserve accountability and transparency from these banks as we implement PPP.”
Where you can buy face masks and other PPE
Here’s some local businesses selling Personal Protection Equipment. Call ahead to confirm and please tell them you heard about it from the Newton-Needham
Regional Chamber.
- National Lumber on Needham Street reports that it has “ample supplies”of three-ply masks in 10 packs and 50 packs, as well as KN95’s masks and disposable gloves.
- Keyes Drugs in Auburndale has supplies of surgical masks (limit 5 per person) and offers curbside pickup.
- Union Pharmacy in Newton Centre will be getting surgical masks later this week, also is selling N95 masks.
- Hipstitch in West Newton is making and taking orders for fabric masks. There’s a three day turn around for shipping.
- Rafinova in Needham has pivoted to importing cloth masks. They used to import bags and accessories.
- Birds Hill Pharmacy in Needham is making its own hand sanitizer.
- Fully Promoted in Newton has access to a variety of PPE items, including medical grade KN95 masks, fabric and disposable masks, gowns, hand sanitizer.
If your business is selling PPE to businesses, nonprofits or individuals, let me know.
Questions for Newton and Needham businesses:
- Newton’s Economic Development Commission is interested in hearing from Newton businesses here.
- The Needham Channel wants to hear from Needham small business here.
Oh yes, stay in touch with us too,
just don’t touch!
President, Newton-Needham Regional Chamber
617-244-1688
P.S. I provided an incorrect link in Friday’s newsletter aboutstate’s new eviction moratorium law. Here’s correct link to “A Practical Guide to the Eviction Moratorium for Commercial Landloards”
from the firm Bernkopf Goodman.
