Support for Businesses
Last updated 3/24/2020
This is a very stressful time for many businesses who are faced with limited customers, forced closures and layoff of staff. Our local economy, our COMMUNITY, is dependent on so many small businesses, that through no fault of their own, now find it difficult to withstand weeks of little to no sale. This extends to the people they employ who are often our neighbors, friends or family.
As resources come to light that may be helpful, we will update this page for you. Links to individual websites are highlighted in the blue text.
Payment of sales tax, meals tax and occupancy taxes for March, April, May have been postponed until June 20th. Legislation expected to be in place by March 20, 2020.
Community Development Authority
If your business has received a loan through Peabody's Community Development Authority, the city will be deferring the loan payments for 1 month. For more information contact the Community Development Department at city hall.
Small Business Recovery Loan Fund
The $10 million Small Business Recovery Loan Fund will provide emergency capital up to $75,000 to Massachusetts-based businesses impacted by COVID-19 with under 50 full- and part-time employees, including nonprofits. Loans are immediately available to eligible businesses with no payments due for the first 6 months and are intended to cover 3 months operating expenses.
SBA Economic Injury Disaster Loan Program
The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
A revenue sharing note is an alternative to a traditional small business loan. Typically, a small business loan is structured as a term loan. An investor or bank will expect to be repaid the amount they provided, plus some interest, according to a schedule. With a revenue share note, the business shares a percentage of their revenue until they repay their investors plus a return.
Facebook Small Business Grants Program
$100M in cash grants and ad credits will be available to help small businesses. Full details and application are not yet available.
Small businesses are the foundation of our main streets and communities. They are the bedrock of our local economies and the focal point of neighborhood social life. Restaurants, coffee shops, theaters, art centers, retail shops, salons, dance studios, farmers markets, bookstores and more. You can withdraw funds on a rolling basis throughout the campaign. Any remaining funds will be dispersed after the end of the campaign.
Grants and Resources for Artists & Non Profits
If you are an artist, musician, creative economy gig worker, museum ... and looking for small emergency grants or funds to hold you over, check out this list of resources, click here.
Requirements have been loosened and wait periods eliminated. Apply online to see if you are eligible, click here
United Way Community Response Recovery Fund
Assistance with rent, food or bills may be available from local agencies. Individuals in need or who are looking for information for someone else can call 211 from a cell phone or landline or visit 211.org for more contact options.
Behind You Emergency Fund are for employees located in Beverly, Lynn, Marblehead, Peabody, Salem, and/or Swampscott whose work has been negatively impacted by COVID-19. Fore requirements or to apply online at www.behindyouinc.org.
To DONATE, click here
Greg Hill Foundation/Restaurant Strong Fund
The Greg Hill Foundation has teamed up with Samuel Adams* to support those from the Massachusetts restaurant industry who have been impacted by the Covid-19 closures, raising awareness and funds to provide grants to full-time restaurant workers in Massachusetts who are dependent on wages plus tips to cover basic living expenses and provide for their families. The goal is to provide $1,000 grants to as many qualifying grantees as possible.
Bartender Emergency Assistance Program - BEAP
Help may be available to a bartender, spouse or child of a bartender. For information or to apply, click here.
Federal Aid Package for Cosmetology/Barber/Body Work Industry - A petition to include workers in these industry in the economic hardship packages including emergency health insurance, low interest loans and equal aid/funding for self employed individuals in this field of work. To learn more, click here.
"Support Peabody Business Now" group
We have created a Facebook group to help share the information from Peabody based business who are offering specials, offers and hours. If you are a business owner, you can post directly and if you are a resident, please share any offers you find so others may take advantage of them.
Shop Local Campaign
Peabody Main Streets, Peabody Area Chamber of Commerce, Peabody Access TV and the City of Peabody created a Shop Local campaign to drive the point home how supporting small business, supports our community. Posters are available at no charge to Restaurants, Retail and Service industry related industries in Peabody. This will also be supported by a social media campaign. To receive a copy, please email firstname.lastname@example.org