COVID-19 Updates for Business
Updated March 19, 2020
Disaster Loan Assistance from the Small Business Association: The U.S. Small Business Administration (SBA) will offer low-interest federal disaster loans for working capital to Massachusetts small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). The disaster declaration makes SBA assistance available in the entire state of Massachusetts; and the contiguous counties in neighboring states.
Small businesses, private non-profit organizations of any size, small agricultural cooperatives and small aquaculture enterprises that have been financially impacted as a direct result of the Coronavirus (COVID-19) since Jan. 31, 2020, may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred. Eligibility for Economic Injury Disaster Loans is based on the financial impact of the Coronavirus (COVID-19). The interest rate is 3.75 percent for small businesses. The interest rate for private non-profit organizations is 2.75 percent. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years, and are available to entities without the financial ability to offset the adverse impact without hardship.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email email@example.com for more information on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to apply for an Economic Injury Disaster Loan is Dec. 18, 2020.
For Small Businesses and Nonprofit Organizations: The Baker-Polito Administration has announced a $10 million loan fund to provide financial relief to small businesses that have been affected by COVID-19. The $10 million Small Business Recovery Loan Fund will 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. Loans are immediately available to eligible businesses with no payments due for the first 6 months. The Massachusetts Growth Capital Corporation (MGCC) has capitalized the fund and will administer it. To apply, please complete the application found on MGCC’s website, EmpoweringSmallBusiness.org. Completed applications can be sent via email to firstname.lastname@example.org with the subject line “2020 Small Business Recovery Loan Fund."
For Larger Employers: The Massachusetts Health Council (MHC) and Associated Industries of Massachusetts (AIM) have organized a live webinar to address general FAQ on COVID-19 for employers. The webinar will take place Thursday, March 19th, from 12 Noon to 1:30 PM, and is free to all who register in advance, which you can do online at this link. The following topics will be addressed in the webinar:
- Current knowledge on the epidemiology of COVID-19 including transmission
- Common clinical manifestations of COVID-19 and risk factors for severe disease and death
- Analyze available methods for prevention and their potential effectiveness
- Workplace safety and issues for workforces that travel
- Telecommuting or remote working
- Wage and hour issues
- Discrimination and Harassment
- WARN Act/Plant closings, and
- Workers compensation and claims of COVID-19
Presenters will include:
- Delaney Busch, Associate- Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo, P.C.
- Terry Cook, Vice President-AIM HR Solutions
- Davidson Hamer, MD, FACP, FIDSA, FASTMH, FISTM
- Tom Jones ESQ ., Vice President-AIM HR Solutions
- David R. Martin, ESQ .-Chief Executive officer- Massachusetts Health Council
- Laurie Parsons, Claims Director- A.I.M. Mutual Insurance Companies
Online registration for the webinar can be found at this link.