Following is a list of important financial resources that are available for small businesses in need of extra support at this time.
Federal Small Business Administration Relief Options
Paycheck Protection Program
- A forgivable loan to help small businesses keep their workers on payroll during COVID-19 business disruptions. (now closed)
COVID-19 Economic Injury Disaster Loan
- A loan providing economic relief to small businesses and nonprofit organizations that are currently experiencing a temporary loss of revenue.
Shuttered Venue Operators Grant
- Emergency assistance for eligible venue operators, promoters, theatrical producers, live performing arts organizations, museum operators, motion picture theater operators, and talent representation equal to 45% of their gross earned revenue up to $10 million.
Restaurant Revitalization Fund
- Emergency assistance for eligible restaurants, bars, bakeries, breweries, and other qualifying businesses impacted by COVID-19. Eligible use of funds during the covered period includes payroll, rent/mortgage payments, debt services, utility payments, outdoor seating construction, food and beverage expenses, and more.
Black Business Relief Program
- The Black Economic Council of Massachusetts, MA LGBT Chamber of Commerce and powered by Berkshire Bank is offering up to $50,000 loans to help stabilize existing Black-owned businesses across the Commonwealth.
National Financial Resources
A crowdfunding micro-lending platform. Kiva has altered its eligibility to support American businesses coping with coronavirus.
- A crowdfunding micro-lending platform for Brick and Mortar businesses.
City COVID-19 Financial Resources
Small Business Covid-19 Relief Fund, round 3
- A forgivable loan up to $25,000 towards working capital expenses.
- Businesses in Phase 3, and Phase 4 of the state’s reopening plan, restaurants, gyms, fitness centers, and businesses that can demonstrate close ties to gyms, theaters, event spaces, or other sectors facing government-directed closures and whose revenues have decreased by at least 50% in the past year are eligible.
Please exercise appropriate caution when dealing with private companies or grassroots initiatives.
Compiling additional funding sources daily.