March 18, 2020
Comments Off on Update on SBA Disaster Loan Assistance
As a follow up to our previous article regarding SBA Economic Injury Disaster Loan (EIDL), we wanted to inform you that Governor Baker has requested an EIDL disaster declaration to the U.S. Small Business Administration and as of right now its status is pending. (That is why if you have attempted to apply for the loan in the past couple days, you received an error message.)
The Massachusetts State Government has posted that they will be making an announcement soon on the EIDL Program for Massachusetts once it is up and running. Once activated, if you are a small business in an affected county, you will be eligible to apply directly though the SBA website:
You are still eligible even if you did not fill out the initial survey, however, if you did complete the survey, you will still need to apply for the EIDL program through the SBA.
We will continuously check to see when the program becomes available and will announce it accordingly. In the meantime, please continue to check the status directly at Mass.gov MEMA webpage:
As an additional resource, the Baker-Polito Administration announced a $10 million Small Business Recovery Loan Fund administered through Massachusetts Growth Capital Corporation (MGCC). This loan will provide emergency capital up to $75,000 to MA-based businesses impacted by COVID-19. For details and how to apply, please visit Mass.gov website or follow this link: