A special message from BECMA regarding Coronavirus

Combating Coronavirus

BUSINESS RESOURCES

Small Business Administration

​Economic Injury Disaster Loan Program

• • The 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). The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. Learn more here.

​Commonwealth of Massachusetts

​Massachusetts Growth Capital Corporation

• • On March 16th, Governor Baker announced a $10 million loan fund to provide financial relief to Massachusetts businesses that have been affected by COVID-19. Massachusetts Growth Capital Corporation (MGCC) will receive and process all applications for this fund. Applications can be found here or on their website. Here are the details of the program:

    • Open to Massachusetts-based businesses impacted by the COVID-19 with under 50 full- and part-time employees, including nonprofits

    • Negative impact must be verifiable

    • Loan amounts up to $75,000

    • Loan amount not to exceed 3 months of demonstrated cash operating expenses for the 1st quarter of 2020

    • No payments due for the first 6 months, then 30-months of principal and interest payments (direct debited)

    • Annual interest rate 3%

    • Personal guarantee required of all owners with 20% or more interest in the company

    • Personal credit score under 575 will require an exception

    • All asset lien on business

    • No prepayment penalty

    • Ineligible businesses include companies involved in real estate investment, multi-level marketing, adult entertainment, cannabis or firearms. Companies with past-due tax liabilities or tax liens or currently in bankruptcy (Corporate or Personal) are not eligible.

​WorkShare Program

• • The state has developed a program to help employers avoid layoffs. The WorkShare program is an alternative for employers faced with a cut in workforce. Employers can divide available work between affected employees instead of laying off workers. It allows employees to receive a part of their unemployment insurance (UI) benefits while working reduced hours. Learn more here.

​​Massachusetts Emergency Management Agency

• • MEMA has launched a hotline specifically for small businesses that are experiencing financial hardships or who have questions about how the state can support them. Call the hotline: (508) 820-2094.

  • MEMA and the Baker-Polito Administration are working closely with the U.S. Small Business Administration (SBA) to activate the Economic Injury Disaster Loan (EIDL) program which would provide assistance to eligible businesses and non-profits impacted by COVID-19. The first step in this process is to meet a minimum threshold of affected businesses within Massachusetts. To do this, affected small businesses and non-profits should download, complete, and submit the SBA EIDL Worksheet and Instructions to expedite the activation of the EIDL program. Fill out this form here.

​​​City of Boston

​Boston Artist Relief Fund

• • The Boston Artist Relief Fund will award grants of $500 and $1000 to individual artists who live in Boston whose creative practices and incomes are being adversely impacted by Coronavirus 2019 (COVID-19). With events of all types being cancelled to reduce spread of COVID-19, people who make income partially or fully through gigs and freelance work are losing critical opportunities to support their well-being in our city. Learn more here.

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Associated Industries of Massachusetts

​The Employers’ Guide to COVID-19

• • The team at AIM developed comprehensive resources for employers across the state. Click here to access the guide.