Don't forget Massachusetts residence that are 1099 filers and are not racing because of COVID-19 qualify for unemployment.
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The Massachusetts Gaming Commission Offers Resources to Small Businesses Serving the Casino and Horse Racing Industry
The Massachusetts Gaming Commission (MGC) today announced resources available for small businesses in Massachusetts that serve the casino and horse racing industry and have been impacted by the Coronavirus (COVID-19). Recently the MGC engaged two small business technical assistance providers to provide targeted, one-on-one consulting expertise to small and medium-sized Massachusetts-based companies who are currently vendors to the state’s gaming licensees. Also, MGC is providing a list of resources now being offered by the Commonwealth to support small businesses.
“The MGC recognizes and empathizes with the challenges that many small businesses are facing due to the unprecedented circumstances caused by COVID-19. The MGC is here to work with you and wants to make casino and racing vendors aware of important resources that are available to help. We will continue to communicate about emerging resources as we navigate this challenging time together,” said Jill Griffin, MGC director of workforce, supplier and diversity development.
Assistance for casino and horse racing vendors provided by the MGC include:
Local Enterprise Assistance Fund (LEAF): LEAF is a non-profit community development organization that helps small businesses by providing financial counseling through their Elevate Small Businesses program. Visit their website.
Contact: Amine Benali firstname.lastname@example.org or Chris Hunter email@example.com
Franklin County Community Development Corporation (FCCDC): For 40 years, the FCCDC has been assisting business owners as they work to thrive in changing economic conditions. Visit their website. https://www.fccdc.org/
Contact: John Waite firstname.lastname@example.org, or Amy Shapiro email@example.com
Additional assistance for small businesses provided by the state include:
MassHire Department of Career Services Rapid Response Team: Prevent layoffs with Rapid Response, a federally mandated, pre-layoff service designed for companies and employees experiencing a layoff or closing. Programs include WorkShare that offers an alternative to layoffs. Employees work reduced hours while collecting unemployment benefits to supplement their lower wages.
For more information:
Visit Mass.gov/RapidResponse and WorkShare, or call 1-800-252-1591.
Small Business Administration’s Economic Injury Disaster Loan program: Federal disaster loans provide working capital to Massachusetts small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). 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 January 31, 2020, may qualify for Economic Injury.
Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred. Eligibility for Economic Injury Disaster Loans is based on the financial impact of the Coronavirus (COVID-19). The interest rate is 3.75% for small businesses. The interest rate for private non-profit organizations is 2.75%. SBA offers loans with long-term repayments in order to keep payments affordable; these terms may go up to a maximum of 30 years, and are available to entities without the financial ability to offset the adverse impact without hardship.
How to apply:
Massachusetts small businesses can access and apply at www.sba.gov/disaster. For toll-free information on SBA disaster assistance at 1-800-659-2955 and firstname.lastname@example.org.
U.S. SBA, SCORE, and Women Business Centers will be providing workshops to answer questions and to help small businesses with the loan application process.
Application deadline for an Economic Injury Disaster Loan is December 18, 2020.
Attention Horsemen -- Important COVID info for MA residents
Governor Baker said residents can text COVIDMA to 888777 to sign up for the state’s new coronavirus alert system, which will send out updates on coronavirus response
If you have a car loan with DCU, please give them a call to see if you are eligible for deferred payments up to six months. https://www.dcu.org
Corona Virus Emergency Loans
Small Business Guide and Checklist
New England Harness Racing
at Plainridge Park in Plainville, Massachusetts
The following information and links for in-state and out of state persons are available to help our members in finding financial assistance during these unprecedented times.
The U.S. Small Business Administration has made Economic Injury Disaster loans available for qualifying businesses that have suffered economic injury as a result of the COVID-19 pandemic.
Funds from an EID loan may be used by small businesses to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
The terms of an EID loan are determined by the SBA on a case-by-case basis. Generally, the maximum amount of an EID loan for the Coronavirus disaster is $2 million with an interest rate of 3.75 percent for small businesses. The maximum repayment term of an EID loan is 30 years. There are no pre-payment penalties imposed by the SBA on an EID loan.
Federal Disaster Loans Assistance for Businesses, Private Nonprofits, Homeowners, and Renter
The main page for all information copy and paste this link: https://disasterloan.sba.gov/ela
For a list of Eligible Disaster Areas; copy and paste this link:
Racetracks and horse owners eligible for PPP loans under new guidance from the SBA. Go to this website for more information
Assistance Programs for Horsemen
Useful Informational and Videos about PPE's
Explanation of the newly passed CARES Act
The CARES Act, which lawmakers spent the past several days hashing out, includes a historic $2 trillion in relief funds.
The amount of money you may receive as part of this stimulus package is based on your adjusted gross income. If you already filed your federal taxes for 2019 (the deadline was extended to July 15), eligibility will be based on your AGI from that tax return. If you haven’t filed yet, the IRS will rely on information from your 2018 return or the Social Security Administration to determine eligibility.
The maximum amount you can receive is $1,200, or if married filing jointly, $2,400 per couple. That amount phases out for single filers with an AGI between $75,000 and $99,000, joint filers with an AGI between $150,000 and $198,000 and heads of household with an AGI between $112,500 and $146,500.
Those who qualify for the $1,200 credit will also receive an additional $500 for each qualifying dependent 16 years old or younger.
Those excluded from receiving a coronavirus relief check include nonresident aliens, taxpayers who can be claimed on someone else’s return as a dependent, and estates and trusts.Type your paragraph here.
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