As of March 16, 2020, SBA relief funds are eligible for the following counties in Massachusetts:
- Berkshire
- Hampden
- Worcester
If your business residence is not in these counties, you are ineligible for relief funds. As additional counties are included in fund eligibility, we will update you by email and through our website.
Loan details:
- Federal disaster relief funds are being released only to states most impacted by the Coronavirus (COVID-19) pandemic, and upon a request received from a state Governor.
- Once a declaration is made for designated areas within a state, information on the application process for a relief loan will be made available to the affected community.
- Loans are available for small businesses, private, and non-profit organizations in designated areas of a state or territory.
- Loan interest rates for small businesses without credit available elsewhere is 3.75%, for non-profits the interest rate is 2.75%. Businesses with credit available elsewhere are not eligible for the federal disaster relief funds.
- Loans will have long-term repayments to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis and upon each borrower’s ability to repay.
Additional information:
- Website: U.S. Small Business Administration
- Twitter: @SBAgov
Press release: SBA to Provide Disaster Assistance Loans for Small Businesses Impacted by Coronavirus (COVID-19)