It’s a tough time for small businesses, but a new option is available to help keep your doors open. If your business was profitable prior to 3/10/20 and you have no adverse personal credit reports 60 days past due for the last six months, you are eligible for the Massachusetts 2020 Business Recovery Loan Fund.
“A loan fund of $10 million has been created to provide financial relief to Massachusetts businesses that have been affected by COVID-19. Massachusetts Growth Capital Corporation (MGCC) will receive and process all applications for this fund.” (Baker-Polito Administration Press Release – March 16, 2020)
Loans are reportedly being granted immediately
Click here for more on how businesses can respond to uncertainty
Required documents:
- 2018 business and personal tax return
- Internally prepared 12/31/19 financial statements
- YTD 2020 internally prepared financials
To send your application, use the subject line:
2020 Small Business Recovery Loan Fund
Ineligible businesses include companies involved in real estate investment, multi-level marketing, adult entertainment, cannabis or firearms.
Remember to review your estate plan as you plan for the future
Robert Pellegrini
President
The above information is designed to provide a helpful overview of a relevant topic. It does not constitute legal advice nor should it be construed as such. Please do not take action based on the above information without seeking formal legal advice. If you would like additional information, please contact Attorney Robert Pellegrini, Jr. at (508) 807-1131 or email us at info@pkboston.com