Without question, the COVID-19 outbreak, and particularly the need for social distancing, has had an unprecedented impact on small businesses. This is especially true for those that rely on customer visits for their livelihood — companies like restaurants, retail stores and professional service providers, to name but a few.
Luckily, state and federal authorities have moved quickly to provide a number of resources for eligible businesses. From low-interest disaster recovery loans to small businesses counseling services, the intention is to provide timely assistance to those who have been most severely impacted by the situation.
Massachusetts Small Business Recovery Loan Fund
Governor Baker has announced a $10 million Small Business Recovery Loan Fund, administered by Massachusetts Growth Capital Corporation (MGCC), to 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.
SBA Economic Injury Disaster Loan Program
The U.S. Small Business Administration (SBA) will work directly with state Governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19). This program can provide working capital loans of up to $2 million to small businesses to help overcome the temporary loss of revenue they are experiencing.