COVID-19 has rapidly upended the daily lives of billions of people across the globe. As the pandemic continues to grow it has become clear that small businesses are being impacted.  Agencies at all levels of government are putting together programs to help small businesses and nonprofits get by.

In response to COVID-19:

The Baker Administration released a $10 million small business loan program through Mass Growth Capital Corporation. The 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 Small Business Administration (SBA) has compiled a series of tools and programs to assist with the changing business landscape, including capital assistance. SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance at a rate of 3.75% for small businesses and 2.75% for nonprofits . These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

These tools are meant to provide small businesses and nonprofits with access to low-interest loans, which is particularly important for operations with tight cash flows.

As the regional planning agency for the Merrimack Valley, MVPC will be centralizing and distributing pertinent information to our business community, economic development partners, and public at large as it becomes available.