With COVID-19 causing disruption to businesses large and small, on both the federal and state levels existing programs and new programs are being launched to assist small businesses in these difficult times. We outline the current status of these programs below.
Federal – Small Business Administration (“SBA”) Economic Injury Disaster Loan (“EIDL”)
On March 17, 2020, Massachusetts Governor Charlie Baker requested an EIDL disaster declaration for all counties in Massachusetts. If approved, the SBA will issue an EIDL declaration pursuant to authority granted it by the recently enacted Coronavirus Preparedness and Response Supplemental Appropriations Act.
Read more about how to apply for SBA Disaster Assistance Loans in our client alert.