Massachusetts Launched $10 Million recovery loan fund for small businesses

This fund will offer loans to small businesses affected by the coronavirus. The fund will offer eligible small businesses up to $75,000 with no payments for the first six months. The Massachusetts Growth Capital Corporation will oversee this fund and administer loans to small applicants under 50-full-time and part-time employees, including nonprofits. Send completed applications to MGCC@massGCC.com with the subject line “2020 Small Business Recovery Loan Fund"

• www.Empoweringsmallbusiness.org

MEMA’s Emergency Operations Center’s Private Sector Hotline

MEMA Website 
The hotline will be staffed Monday – Friday from 8am to 4pm. The number for the hotline is 508-820-2094.

Small Business Administration’s Economic Injury Disaster Loan (EIDL) program

EIDL Program Link 

• 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%

• MEMA is currently working with the U.S. Small Business Administration (SBA) to activate the EIDL program. Businesses can learn more about the SBA’s response to COVID-19 here

Workforce Guidance

The Executive Office of Labor and Workforce Development offers resources for businesses related to employee benefits and will post additional guidance as it becomes available.

• Updated information regarding unemployment resources can be found here
• The WorkShare program, a tool to help employers avoid layoffs during a downturn – read more about WorkShare
• The Rapid Response program, which works closely with companies to avert layoffs and keep a skilled workforce engaged in the existing regional economy or industry; read more about how the Rapid Response Team can help businesses