COVID-19 Coronavirus: Business Assistance Update

Dear friends,

As events are changing rapidly we want to be sure we are providing access to the most current information to inform and assist the New Bedford small business community.

First, the Baker-Polito Administration announced economic support for small businesses with a $10 million loan fund to provide financial relief to those that have been affected by COVID-19. The fund provides emergency capital up to $75,000 to 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. Massachusetts Growth Capital Corporation (MGCC) has capitalized the fund and will administer it. Please complete the application found on MGCC’s website: EmpoweringSmallBusiness.org

Second, we need to hit the required threshold as a county to be eligible for federal disaster assistance through the SBA. If you have not done so already, please follow the steps outlined below to submit the SBA worksheet. We need to hit this today, so this important program can be activated.

Third, we have changed the home page of our website, and at the top you will find a quick link to Information and resources for COVID-19. We have set up quick ways to connect for NBEDC financial assistance and have also provided links to important local, state, and federal sources of information. Please check in with these trusted sources since information is continuously updated. Here is the direct link to our website: www.nbedc.org

Finally, we are working with all of our partners to get accurate information to all New Bedford businesses, but we need your help as well. Please forward this information to any business you have a contact for. We would rather have someone get an email 10 times than not get the information at all.

Thank you all and be well,

Derek


SBA Disaster Recovery Funds could be made Available if Need in MA is Demonstrated

The MA Emergency Management Agency (MEMA) and Baker-Polito Administration are working closely with the U.S. SBA to activate the Economic Injury Disaster Loan (EIDL) program which would provide assistance to eligible businesses and non-profits impacted by COVID-19.

The 1st step in this process is to meet a minimum threshold of affected businesses within MA.

Affected small businesses and non-profits should download, complete, and submit the SBA EIDL Worksheet https://lnkd.in/ewF7VBy & Instructions to expedite activation of the EIDL program. If you know of businesses being impacted as a result of the Corona virus, it would be helpful if you shared this information with them and encouraged them to complete the SBA Economic Injury Disaster Loan Worksheet as soon as possible.

Completed forms can be submitted by email to Disaster.Recovery@mass.gov or by fax to (508) 820-1401. If you do fax the form, please include your email.

When the EIDL program is activated, the small businesses will be contacted to apply directly to SBA’s Disaster Assistance page https://www.sba.gov/funding-programs/disaster-assistance and this website will be updated with application details.

For questions, please contact Disaster.Recovery@mass.gov.