Covid-19 emergency small business loans – Massachusetts
On March 16 Governor Charlie Baker announced a $10 million loan fund to provide relief for Massachusetts based businesses with under 50 employees. The complete Terms and Conditions, and how to apply can be found here, but here are some highlights:
- The negative impact from the Covid-19 pandemic must be verifiable.
- The business must be profitable prior to March 10, 2020 and internally prepared financials will be required as part of the loan process.
- There will be no payments due for the first six months and then will carry a 3% interest rate.
- If you own more than 20% of the business a personal guarantee is required.
I recommend that small businesses take advantage of this opportunity sooner rather than later. There will most likely be additional fiscal stimulus from the state and federal government, but we do not know what that looks like at this time. The interest rate is very reasonable and I am hoping that the approval process is relatively quick.
If you have questions or would like to discuss your particular situation, you can email me here or call 508-472-0279.