Business Assistance During The Health Emergency

Sources For Emergency Assistance

SBA Low-Interest Disaster Loans
The U.S. Small Business Administration (SBA) will offer low-interest federal Economic Injury Disaster Loans for working capital to Berkshire County small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Here are the program highlights:

• Eligible companies include small businesses, private non-profit organizations of any size, small agricultural cooperatives and small aquaculture enterprises that have been financially impacted as a direct result of the Coronavirus (COVID-19) since Jan. 31, 2020. Small businesses are businesses that have no more than 500 employees.

• Loans may be for up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred. Specific eligibility for Economic Injury Disaster Loans is based on the financial impact of the Coronavirus (COVID-19).

• Interest rates are 3.75% percent for small businesses and 2.75% for private non-profit organizations.

• Repayment term is up to 30 years.

• The deadline to apply for an Economic Injury Disaster Loan is Dec. 18, 2020.

Please refer to the Fact Sheet – SBA Economic Injury Disaster Loans for details and any updated information. Apply on-line here, call the SBA’s Customer Service Center at 800-659-2955 or contact them via email at [email protected]. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339.
SBA Express Bridge Loans
The Small Business Administration Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. (Click for details and any updates.)

Applications are made through SBA Lenders. The SBA Lenders with Pittsdield branches include Berkshire Bank, Citizens Bank, Greylock Federal Credit Union, Lee Bank, Mountain One Bank, NBT Bank, Pittsfield Cooperative Bank and TD Bank.
SBA Paycheck Protection Loans
The U.S. Small Business Administration (SBA) will guarantee loans with terms of up to 10 years and interest rates of up to 4% to businesses for small businesses to meet payroll expenses.

• Eligible small businesses may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.

• Loan payments will be deferred for six months.

• If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.

• Applications are made through SBA Lending banks, such as Adams Community Bank, Berkshire Bank, Citizens Bank, Greylock Federal Credit Union, Lee Bank, Mountain One Bank, NBT Bank, Pittsfield Cooperative Bank, and TD Bank.

Click for details and to check for updates.
Tax Relief
Governor Baker has filed Emergency Orders to provide tax relief to small businesses that have been affected by COVID-19. See below for information on tax relief measures:

• Sales and Use Tax Returns and payments due during the period beginning March 20, 2020 and ending May 31, 2020 are suspended. This applies to vendors with a cumulative liability of $150,000 or less for the 12 month period ending Feb. 29, 2020. Payments are due June 20, 2020. This does not apply to Marijuana vendors. Click for details and to check for updates.

• Room Occupancy Use Tax returns and payments, including local options, due during the period beginning March 20, 2020 and ending May 31, 2020 are suspended. This applies to occupancy vendors with a cumulative liability of $150,000 or less for the 12 month period ending Feb. 29, 2020. Payments are due June 20, 2020. This does not apply to intermediaries. Click for details and to check for updates.

• Meals Tax & Room Occupancy Excise Tax late-file or late-pay penalties returns and payments due during the period March 20, 2020 through May 31, 2020 will be waived for meals vendors, operators, and intermediaries that do not qualify for the relief mentioned above under “Room Occupancy Excise for operators. To be eligible for a penalty waiver, vendors, operators and intermediaries must file their returns and remit payments on or before June 20, 2020. This is a waiver of penalties only, statutory interest will continue to accrue. Click for details and to check for updates.
Eversource Payment Relief
Eversource is offering a $0 down payment and a 12-month payment arrangement, with the first payment not due until June 1, 2020.
Websites With More Information
The programs to help during this health emergency are constantly changing, here are some relevant websites to check for the latest information:

The City of Pittsfield offers the latest local details at these sites:
The Commonwealth of Massachusetts offers the latest state details for business and employment at the Covid-19 Guidance and Directives page.

Official U.S. government’s Small Business Owners Guide is available for download.

(back to top)

Call Us Now.

We’ll Help You Get Started.

Michael Coakley
Business Development Manager
[email protected]
1-413-499-9368

Brandon Gill
Community Development Specialist
[email protected]
1-413-499-9378

Amber Spring
Permitting Coordinator
[email protected]
1-413-448-9673