CARES Act

UPDATED: No Layoffs in Watertown Budget Despite Projected Revenue Loss of $4 Million

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Watertown’s Town Hall. (This story was updated on June 15 at 9:06 am and corrected the number of ALS ambulances funded in the FY21 budget.)

No layoffs — that was the first highlight given by Town Manager Michael Driscoll when he presented the Fiscal Year 2021 budget on Tuesday night. This comes despite the impacts of the COVID-19 pandemic — projected to cause a drop of more than $4 million in revenues for the Town government. The total budget would be $152.44 million, which is $2.5 million (1.69 percent) more than the FY2020 revised budget. The increase from FY2019 to 2020 was $5 million.

Around Town

Information About Individual Stimulus Payments from the CARES Act

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Watertown residents may already have received an Economic Impact Payment from the Federal government in their bank accounts as part of the stimulus payments as part of the CARES Act. For others, a check will be coming in the mail. People who make less than $75,000 in gross income will receive the full $1,200, and anyone making under $99,000 will receive some payment. For details, and to check on your payment status, visit the Internal Revenue Service (IRS) website: https://www.irs.gov/coronavirus/economic-impact-payments

Also, Watertown Savings Bank has provided an information guide about the CARES Act individual payments, See it below:

Economic Impact Payment—What you need to know

The federal government recently passed the CARES Act to support millions of people during these unprecedented times caused by the coronavirus (COVID-19). This sweeping legislation offers financial assistance directly to individuals and families.

Around Town

Friday is First Day Businesses Can Apply for Paycheck Protection Loans, Part of COVID-19 Stimulus

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One of the key form of aid to businesses dealing with the impact of the Coronavirus outbreak begins Friday — the Payroll Protection Program. The program is part of the Federal CARES (Coronavirus Aid, Relief, and Economic Security) Act, and provides loans not only to businesses, but also non-profits and sole proprietors. The PPP was announced just last week and details are still being ironed out, including where to to to get the loans. Doug Orifice, principal at Arsenal Financial and co-founder of the Watertown Business Coalition, said that he has spent most of the last week pouring over the details of the CARES Act looking for ways it can help small businesses. The PPP may be a big help.

Government

Congresswoman Clark Hosting Telephone Town Hall on the CARES Act

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Congresswoman Katherine Clark will be hosting a teleconferenced town hall about the CARES Act. The following announcement was provided by Congresswoman Clark’s office:

This week, on Thursday, April 2 at 6:30 p.m. EDT, I will be hosting a telephone town hall about the CARES Act, the latest coronavirus (COVID-19) relief bill signed into law to help families, workers, hospitals, and businesses during this national emergency.I will be available to answer questions about the different types of aid available to Massachusetts residents, including direct cash payments for eligible constituents, expanded unemployment assistance, and new relief for affected local businesses non-profits. You can join the town hall by dialing in at 1 (844) 734-8764. If you are not able to join the call but have a question or need assistance, please reach out to my district office. As we continue working together in Washington to help all our communities during this difficult time, it is so important that those in need know how to access the new resources that are being made available to them.

Business

See What Programs the CARES Act Has for Businesses, Non-Profits Impacted by COVID-19

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The Federal government unveiled the the CARES (Coronavirus Aid, Relief, and Economic Security) Act which will help business of all sizes, and has special programs for small businesses and private non-profits. The legislation passed by Congress last week and signed by President Trump provides programs to help retain employees, gives grants and loans to businesses negatively impacted by the Coronavirus outbreak

The Payroll Protection Program offers loans to businesses that maintain their payroll during the Coronavirus emergency. Businesses with fewer than 500 employees can qualify. The Small Business Debt Relief Program gives loans to businesses. Loans can up to $5.5 million, and there are also micro loans of up to $50,000.