Are you a PPPP (Paycheck Protection Program Procrastinator)?
If your small business or nonprofit received a PPP loan in 2020, the deadline to apply for loan forgiveness is right around the corner.
In particular, if you received a PPP loan when the program launched in April 2020 (when there was an eight-week covered period) you may be facing a deadline of the middle of this month, writes Andy Medici for the BBJ.
For those operating under a 24-week covered period, your deadline may be some time in September.
If you don’t receive forgiveness, your loan will automatically convert to a standard loan at 1 percent interest within 10 months of the end of your covered period.
And if you are procrastinator, you're not alone
Nearly 2 million small businesses – out of 5.2 total 2020 loans -- had yet to submit their PPP loan for forgiveness as of late May.
If you’re too busy or unsure how to complete your forgiveness application, experts say hiring an accountant or attorney to help will likely save you money well beyond what you’d have to pay back Uncle Sam.
Of course as anyone who has followed the evolution of the PPP program knows, the SBA frequently revised the PPP guidance. And the agency is still revising forgiveness rules, most recently for large borrowers.
SBA removes restaurant program from its menu
The SBA officially pulled the plug on its Restaurant Revitalization Fund this week.
The program provided funding to over 105,000 restaurants representing $28.6 billion dollars, including 3,777 small restaurants with gross receipts of less than $50,000 in 2019.
But hundreds of thousands of other restaurants didn’t get their grants approved before the initial $28.6 billion was exhausted, leaving about $50 billion in unfunded requests.
A bill languishing in Congress would provide $60 billion to replenish the program. It has the support of Senate Majority Leader Chuck Schumer and House Speaker Nancy Pelosi and even many Republican cosponsors. But it’s not clear if, or when, it will be considered.
Also waiting a chance for consideration is a proposed $30 billion for the fitness industry and $20 billion grant program for hotels, according to Politico.
The other vaccine you wish you had this weekend
It’s been okay for a while now to stroll through the woods or local soccer field without a face covering.
Leg coverings is a different story.
Chris Sweeney at Boston Magazine has the story about a Tufts professor’s efforts to combat Lyme Disease.
Sam Telford helped develop the first and only FDA-approved vaccine for Lyme. But it was pulled from market, a casualty of the anti-vax movement.
Final phase of PFML now in place
Workers in Massachusetts are now eligible for up to 12 weeks of job-protected leave to care for a seriously ill or injured family member. It's the last portion of a phased-in 2018 law instituting paid family and medical leave and went into effect yesterday.
The program is funded through an up to 0.75 percent state wage tax on certain employees and in some cases their employers. (State House News)
Watertown hones short term rental policy
Watertown’s Town Council has approved proposed rules for short-term rentals (31 days or fewer), such as those booked through Airbnb or Vrbo, according to Watertown News.
Under the rules, operators will need to register with the town and have the units inspected. There will also be a 3 percent community impact fee, as allowed by state law, with 35 percent earmarked for affordable housing or infrastructure and the remaining 65 percent going into the town’s general fund.
The rentals rule will now go to the Planning Board and then return to the council for final approval.
Share your commuting story
The MassINC Polling Group and business groups across the Commonwealth are surveying employees about returning to work and the new commute. Please take a moment to complete the survey, and/or distribute the survey to your employees as you are willing.
Participants who complete the survey will have a chance to enter a raffle for one of five $100 Visa gift cards.
Newton to resume charging for parking
We're going to start having to feed the parking meters in Newton starting Monday, July 12.
During the pandemic, city workers replaced 1,100 old and broken parking meters so every street space in Newton now has a solar powered, smart meter. All meters now take coins, but can also be paid with a credit or debit card or with the Parking Passport smartphone app.
Needham, Wellesley and Watertown have already resumed requiring charging at meters.
Free beer. Free bagels. You’re welcome.
Anheuser-Busch had offered to give Americans a free beer if the nation reached Joe Biden’s goal to have 70 percent of of American adults vaccinated by July 4.
We missed the goal.
Last week, the CDC said about 65% of U.S. adults have received at least one COVID-19 shot, and 56% were fully vaccinated. The White House projects 70% of all American adults will have at least one shot within a few weeks, according to USA Today.
But apparently every kid (of legal drinking age) still gets a trophy because the free beer thing is still on.
Starting today and through Monday, go to MyCooler.com/beer and upload a picture of yourself at their favorite place to have a beer (We suggest some place here).
You’ll get an email with a digital gift card worth $5 good through Monday.
In addition, Panera Bread is also giving away free bagels starting today through Monday to vaccinated customers.
And that’s today’s Need to Knows, unless, instead of one free beer, you need a robot that will follow you around carrying 12.
The chamber office will be closed Monday. Enjoy the holiday weekend.
President, Newton-Needham Regional Chamber
617-244-1688
Your chamber is here when you need us.
