Massachusetts Resources for Smaller Businesses in Wake of COVID-19

Published: McLane.com
March 19, 2020
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Massachusetts has created a $10 million Small Business Recovery Loan fund which can provide up to $75,000 to Massachusetts-based companies with under 50 full-time and part-time employees. No payments are due for the first six months. The Massachusetts Growth Capital Corporation (MGCC) will administer the loan fund.

Find Applications at: EmpoweringSmallBusiness.org

1.     Tax Relief For Certain Businesses

State collection of sales tax, meals tax, and room occupancy taxes due in March, April and May, will be deferred until June 20, all penalties and interest waived. The DOR is currently drafting emergency regulations to implement these measures which should be available by March 20.

2.     Small Business Administration

The Small Business Administration has implemented an Economic Injury Disaster Loan Program which is now open to Massachusetts businesses.

Find Applications at: www.sba.gov/disaster

SBA Hotline: 1-800-659-2955

3.     North Central Massachusetts Development Corp.

This organization is offering loans up to $20,000 to small businesses that can demonstrate harm related to COVID-19.