The MGC Offers Resources to Small Businesses Serving the Casino and Horse Racing Industry
The Massachusetts Gaming Commission (MGC) offers the following list of resources available for small businesses in Massachusetts that serve the casino and horse racing industry and have been impacted by the Coronavirus (COVID-19).
“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.
*This list will be frequently updated as new information becomes available.
Please note: Assistance for casino and racing workers can be found by clicking here.
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.
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.
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.
State & Federal Resources
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. Visit Mass.gov/RapidResponse and WorkShare, or call 1-800-252-1591.
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
The recent passage of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) allocates $2 trillion in emergency funding for businesses, individuals, federal agencies, and state and local governments. The CARES Act has been designed to distribute capital quickly and broadly. There are a number of provisions that impact small businesses, including the Paycheck Protection Program. Learn more U.S. Chamber’s Guide to Emergency Coronavirus Loans.
Paycheck Protection Program
The Paycheck Protection Program, offered by the U.S. Small Business Administration is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
The Paycheck Protection Program will be available through June 30, 2020.
Important related links and documents:
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:
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.
SBA Express Bridge Loans
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. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.
-Up to $25,000
-Will be repaid in full or in part by proceeds from the EIDL loan
Find an Express Bridge Loan Lender by connecting with your local SBA District Office.
IRS Tax Deadline and Economic Impact Payments
The deadlines to FILE and PAY federal income taxes are extended to July 15, 2020.
The IRS has established a special section of its website focused on steps to help taxpayers, businesses and others affected by the coronavirus. The distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment. Learn more.