Question: As a small business owner, I am seeing scary trends, during this pandemic. Customers are cancelling, and no new customers are calling. Are you aware of any financial aid available?
Answer: Massachusetts has made a total of $10 Million available for low interest, short term loans.
- Who Qualifies: Mass. based businesses impacted by COVID-19 with under 50 full or part time employees, including nonprofits. You must be able to verify the negative impact to your business.
- No payments are due for the first 6 months, then 30-months of principal and interest payments at 3.0%.
- Loan amounts up to $75,000, equal to 3 months of cash operating expenses for 1st quarter of 2020.
- Personal guarantees are needed from owners of more than 20% of business.
- Credit scores under 575 will require an exception.
- Lien on business assets is required.
How to Apply: visit www.EmpoweringSmallBusiness.org for a 3 page application.
Attorney James Haroutunian practices estate planning and real estate law in Billerica at 790 Boston Road. Contact him to begin an estate plan or with questions at www.hlawoffice.com, www.prioritylaw.com, 978-671-0711 or email him at james@hlawoffice.com.