Commercial Eviction Moratorium | NEW Financial Resource

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From: Somerville Economic Development <economicdevelopment@somervillema.gov>
Reply-To: Somerville Economic Development <economicdevelopment@somervillema.gov>
Date: Monday, March 30, 2020 at 6:44 PM
Subject: Commercial Eviction Moratorium | NEW Financial Resource

City of Somerville Economic Development News

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Novel Coronavirus Update

NEW TODAY

Somerville Declares Residential & Commercial Eviction Moratorium
Today, Mayor Joseph A. Curtatone and the Somerville Board of Health announced an Emergency Order Establishing a Moratorium on Eviction Enforcement in the City of Somerville for the duration of the COVID-19 emergency. The order, which applies to both residential and commercial evictions and goes into effect immediately, prohibits the physical act of eviction within the city limits. Please call 311 or email economicdevelopment@somervillema.gov if your commercial landlord is threatening to evict you.

CARES Act Creates Paycheck Protection Program
The CARES Act, signed into law over the weekend, incorporates many different strategies in the pursuit of providing economic relief. One that will be of most interest to our businesses is the Paycheck Protection Program. Eligible applicants (businesses with fewer than 500 employees, sole proprietors, and independent contractors) can apply for a loan that can be forgiven for the amount the business owner spends on payroll, extra wages to tipped employees, rent, and mortgage interest in the eight weeks after the loan origination date. The details are still being worked out, but we will share updates as available. In the meantime, consider reaching out to your bank. More information.

General update: For more information on the CARES Act, we recommend this guide for restaurants, the SBA's guide for small businesses, and this webinar happening tomorrow. The SBA has revamped their process to make their disaster loan application easier.

RESOURCES & INITIATIVES

SCORE Mentoring Remotely
SCORE pairs expert business mentors with small business owners to help offer practical, actionable advice. These mentors are currently doing remote meetings, so explore whether someone may be able to help you.

Lawyers for Civil Rights Webinar
The Lawyers for Civil Rights organization is hosting a small business legal overview tomorrow, March 31 at 6:00pm.

Considerations for Restaurants 2.0
In conjunction with the City of Cambridge, we are hosting this conversation with Rethink Restaurants to further explore the coronavirus impacts on restaurants. Specifically, we'll be talking about the federal stimulus package, how to frame the conversation with your landlord, cash flow and expense mitigation, the financial takeout/delivery calculator, and general updates. Join us Wednesday, April 1 at 3:30pm.

Small Business Lease Negotiation Workshop
The Harvard Transactional Law Clinic and East Somerville Main Streets are hosting a small business lease negotiation workshop. Join us Wednesday, April 8 at 10:00am.

Find additional resources at our website and additional financial resources here.

FAQ

What is City Economic Development staff up to?
We are working on putting together a grant program using federal funds available to the City to support small businesses, creating a more flexible one-on-one coaching model to help you access the experts you need to plan, exploring whether we can replicate good ideas from other communities in Somerville, hearing from the many of you who have reached out to us or joined our virtual meetings, and generally doing our best to ensure you have access to the information you need to get through this.

Questions? Reply to this email.

Para mas información en Español sobre todos los recursos disponibles para los pequeños negocios en Somerville, por favor contacte a Daniela Carrillo de la Oficina de Economic Development en dcarrillo@somervillema.gov. También puede contactarnos al (617) 625 6600 ext. 2546.