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The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications on Friday, January 15, 2021 at 9 a.m. EST. The portal will fully open on Tuesday, January 19, 2021 to all participating PPP lenders to submit First and Second Draw loan applications to SBA.

Earlier in the week, SBA granted dedicated PPP access to Community Financial Institutions (CFIs) which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries as part of the agency’s ongoing efforts to reach underserved and minority small businesses.

On Friday, SBA will continue its emphasis on reaching smaller lenders and businesses by opening to approximately 5,000 more lenders, including community banks, credit unions, and farm credit institutions.  Moreover, the agency also plans to have dedicated service hours for these smaller lenders after the portal fully re-opens next week.

“A second round of PPP could not have come at a better time, and the SBA is making every effort to ensure small businesses have the emergency financial support they need to continuing weathering this time of uncertainty,” said SBA Administrator Jovita Carranza. “SBA has worked expeditiously to ensure our policies and systems are re-launched so that this vital small business aid helps communities hardest hit by the pandemic. I strongly encourage America’s entrepreneurs needing financial assistance to apply for a First or Second Draw PPP loan.”

First Draw PPP Loans are for those borrowers who have not received a PPP loan before August 8, 2020. The first round of the PPP, which ran from March to August 2020, was a historic success helping 5.2 million small businesses keep 51 million American workers employed.  

Second Draw PPP Loans are for eligible small businesses with 300 employees or less, that previously received a First Draw PPP Loan and will use or have used the full amount only for authorized uses, and that can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020. The maximum amount of a Second Draw PPP loan is $2 million. 

Updated PPP Lender forms, guidance, and resources are available at www.sba.gov/ppp and www.treasury.gov/cares.

SEED Receives $3 Million in American Rescue Plan Funds to Serve Small Businesses in Eastern Massachusetts 

[May 13, 2022]  U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding SEED a $3 million grant to capitalize and administer a revolving loan fund. This grant is funded by the American Rescue Plan. This grant will be used to provide gap financing to small, local businesses in Barnstable, Bristol, Dukes, Essex, Nantucket, Norfolk, Plymouth and Suffolk counties as they recover, grow, and create new employment opportunities. This EDA grant will be matched with $750,000 in local funds and is expected to create 100 jobs, retain 150 jobs, and generate $7.5 million in private investment, according to grantee estimates.

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$75 million in New Grants Available for MA Small Businesses

[February 24, 2022]  Governor Baker announced yesterday that the Commonwealth of Massachusetts has made $75,000,000 available to support small businesses negatively impacted by the COVID-19 pandemic. These funds will be administered through two different grant programs, the New Applicant Grant Program and the Inclusive Grant Program, are being provided through the Massachusetts Growth Capital Corporation. 

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SEED Names Baldies Pizzeria of Lakeville 2021 Small Business of the Year

[December 23, 2021]  SEED Corporation has selected Baldies Pizzeria of Lakeville, MA as the 2021 recipient of the Small Business of the Year Award. This family-owned and operated restaurant was established in 1998 by owner Mike Mastrangelo and specializes in gourmet brick-oven pizzas, as well as subs, tacos, soups, salads, and a wide variety of other main dishes. They also offer an extensive menu of craft beers (40 to try!), wines, and hard seltzers. 

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SEED Names Chris Cooney of Metro South Chamber of Commerce the 2021 Regional Business Advocate of the Year

[December 21, 2021]  SEED Corporation has selected Chris Cooney of the Metro South Chamber of Commerce as the 2021 recipient of the "Gus Yankopoulos" Regional Business Advocate of the Year Award for his volunteer service to SEED over the last 21 years. Established in 1999 in memory of Gus Yankopoulos, the award is presented annually on a merit basis to an individual who has performed exceptional work on behalf of the region’s economy. For the last 22 years, SEED has presented the winner with a Lucky print by the late local artist Arthur Moniz.

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SEED Names Eve Elliott of Rockland Trust 2021 Banker of the Year

[December 15, 2021]  SEED Corporation has selected Eve Elliott, Vice President of the Business Banking Group at Rockland Trust, as the 2021 Banker of the Year. This award is presented annually to the lender who partners on the largest number of loan projects with SEED and exemplifies the spirit of small business services.

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South Eastern Ecomonic Development Corporation home page

80 Dean Street,
Taunton, MA 02780

1-508-822-1020

Business Hours:
Mon-Thu 8am-5pm
Friday 8am-4pm

SBA Lender Certified CDFI US Department of Treasury
SEED Corporation is a certified lender in Massachusetts and Rhode Island.

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SEED Corporation is an equal opportunity lender and business assistance partner.