State and federal officials sent out the following information about assistance for small businesses during the outbreak of the Coronavirus (COVID-19), including information on loans, layoff prevention and emergency contacts. Massachusetts state officials sent out the following information:
1 – Resources for the Business Community: COVID-1 MEMA’s Emergency Operations Center’s Private Sector Hotline
The hotline will be staffed Monday – Friday from 8 a.m. to 4 p.m.The number for the hotline is 508-820-2094. 2 – Small Business Recovery Loan Fund – https://www.empoweringsmallbusiness.org/what-we-offer/emergency-loan-funds/covid-19-loan-fund
$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.This fund is being offered with no payments due for the first 6 months, then 30-months of principal and interest payments and no prepayment penalties (annual interest rate of 3.0%). 3 – Small Business Administration’s Economic Injury Disaster Loan (EIDL) program – https://www.mass.gov/info-details/covid-19-resources-and-guidance-for-businesses
EIDL offers Massachusetts businesses who are experiencing hardships resulting from the COVID-19 outbreak access up to $2M in emergency loan capital with rates capped at 3.75%.We are currently working with the U.S. Small Business Administration (SBA) to activate the EIDL program. We will update this group when the program formally opens.Businesses can learn more about the SBA’s response to COVID-19 here: https://www.sba.gov/page/guidance-businesses-employers-plan-respond-coronavirus-disease-2019-covid-19
3 – Governor Baker’s Emergency Order (3/15) limiting gatherings to 25 individuals and prohibiting on-premises consumption of food or drink at bars and restaurants, beginning on March 17 and effective until April 6.