Coronavirus: Quincy Small Businesss Recovery Loan Fund

Press release from the City of Quincy:

Resources for the Business Community: COVID-19

MEMA’s Emergency Operations Center’s Private Sector Hotline

The Hotline will be staffed Monday – Friday from 8am to 4pm. The hotline is 508-820-2094.

Small Business Recovery Loan Fund

Small Business Recovery Loan Fund - MA Growth Capital Corporation

• $10 million Small Business Recovery Loan Fund, administered by Massachusetts Growth Capital Corporation (MGCC), to provide emergency capital up to $75,000 to Massachusetts-based businesses impacted by COVID-19 with under 50 full- and parttime employees, including nonprofits.
• This fund is being offered with no payments due for the first 6 months, then 30-months of principal and interest payments and no prepayment penalties (annual interest rate of 3.0%).
• Click here for more information on the MGCC Loan Fund.

Small Business Administration’s Economic Injury Disaster Loan (EIDL) Program

• EIDL offers Massachusetts businesses who are experiencing hardships resulting from the COVID-19 outbreak access up to $2M in emergency loan capital with rates capped at 3.75%.
• Businesses can learn more about the SBA’s response to COVID-19 by clicking here.
• Click here for SBA application.

The Executive Office of Labor and Workforce Development

The Executive Office of Labor and Workforce Development offers resources for businesses related to employee benefits and will post additional guidance as it becomes available.

Programs include:

• Updated information regarding unemployment resources can be found here.
• The WorkShare Program, a tool to help employers avoid layoffs during a downturn – read more about the WorkShare Program by clicking here.
• The Rapid Response Program, which works closely with companies to avert layoffs and keep a skilled workforce engaged in the existing regional economy or industry; read more about how the Rapid Response Team can help businesses by clicking here.

Additional Important Information:

Governor Baker’s Emergency Order (3/15) limiting gatherings to 25 individuals and prohibiting on-premises consumption of food or drink at bars and restaurants, beginning on March 17 and effective until April 6.

• Read more about the Emergency Order by clicking here.
• The Order does not apply to normal operations at airports, bus and train stations, medical facilities, libraries, shopping malls and centers, polling locations, grocery or retail stores, pharmacies, or other spaces where 25 or more persons may be in transit.
• The Order does not apply to typical office environments, government buildings, or factories where large numbers of people are present, but it is unusual for them to be within arm's length of one another.

Please do not hesitate to call with any questions or concerns. Please email us if you would like to be added to this email chain.

Maureen GearyDirector of Business Relations617-376-1266Mgeary@quincyma.gov

James ScribiBusiness Relations617-376-1378Jamesscribi@quincyma.gov

This press release was produced by the City of Quincy. The views expressed here are the author’s own.