SBA Conoravirus Disaster Assistance to Massachusetts Small Businesses
SBA Offers Statewide Disaster Assistance to Massachusetts Small Businesses Economically Impacted by the Coronavirus (COVID-19)
Boston – The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to Massachusetts small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19), SBA Administrator Jovita Carranza announced today. SBA acted under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, to declare a disaster following a request received from Gov. Charles D. Baker on March 17, 2020.
The disaster declaration makes SBA assistance available in Massachusetts; and the contiguous counties of Hartford, Litchfield, Tolland and Windham in Connecticut; Cheshire, Hillsborough and Rockingham in New Hampshire; Columbia, Dutchess and Rensselaer in New York; Bristol, Newport and Providence in Rhode Island; and Bennington and Windham in Vermont.
“SBA is strongly committed to providing the most effective and customer-focused response possible to assist Massachusetts small businesses with federal disaster loans. We will be swift in our efforts to help these small businesses recover from the financial impacts of the Coronavirus (COVID-19),” said Administrator Carranza.
SBA Customer Service Representatives will be available to answer questions about SBA’s Economic Injury Disaster Loan program and explain the application process.
“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,” said Carranza.
“These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing,” Carranza added.
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.
“The SBA Massachusetts District Office and our partners are available to assist small businesses with applying for disaster assistance and providing recovery technical assistance. We are committed to providing the latest guidance to our lending and community partners”, said Massachusetts District Director Bob Nelson. “We encourage all to sign up for email updates from us by visiting www.sba.gov/MA and by following us on Twitter at @SBA_MA.”
For more information about Coronavirus, please visit: Coronavirus.gov.
For more information about available SBA resources and services, please visit: SBA.gov/coronavirus.
###
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.