Financial Resources for Businesses

by Lauren ,

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.

State Resources


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


Kiva

  • A crowdfunding micro-lending platform. Kiva has altered its eligibility to support American businesses coping with coronavirus.

Mainvest

  • 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.
Non-Governmental Resources
Please exercise appropriate caution when dealing with private companies or grassroots initiatives.

HelloAlyce

Compiling additional funding sources daily.

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