The reach of COVID-19 has disrupted business throughout the Boston Metro and the nation. For small businesses such as boutique retailers, restaurants and other public enterprises, the economic impact has been especially hard. As the state of emergency continues, action has been taken to provide relief to small businesses impacted by the evolving situation.
Initially, a recovery fund of $10 million was set up by the Massachusetts Growth Capital Association. As of March 19, 2020, the U.S. Small Business Administration’s Economic Injury Disaster Loan (EIDL) program is accepting applications from Massachusetts businesses. As a result, the MGCA is no longer taking applications after this date.
However, if you already applied for assistance with the MGCA prior to March 19, you can also apply for assistance with the SBA’s EIDL program. The SBA program has “deeper pockets” for businesses that qualify, whereas the MGCA program was limited to a $75,000 maximum per approved application.
Please note that the SBA’s EIDL program is a low-interest loan requiring repayment. Eligible small businesses can borrow up to $2 million for working capital, with repayment periods up to 30 years. The exact terms of repayment are tailored to each business.
Applications can be submitted online at: https://www.sba.gov/disaster-assistance/coronavirus-covid-19
Small businesses in the Boston Metro that have been impacted by COVID-19 should seek prompt assistance! An infusion of capital during a business disruption can never come too soon.