Gov. Baker Announces $10M Fund For Small Businesses Impacted By Coronavirus
BOSTON (CBS) - Gov. Charlie Baker announced a $10 million recovery loan fund for small businesses in Massachusetts impacted by the coronavirus crisis.
"The fund will provide emergency capital of up to $75,000 for Massachusetts businesses with under 50 full time and part time employees and that does include nonprofits," Gov. Baker said Monday. "Loans are available immediately with no payments due for the first six months."
On Sunday, Baker announced schools will be closed until April 7 and all restaurants will only be able to serve take-out or delivery food. Gatherings with groups larger than 25 are prohibited. All construction projects in Boston were also suspended.
Baker said it is no question everybody is feeling the impact and said it's important for everyone to maintain "a level head" for the next few months.
"It is certainly tremendously disruptive to our daily lives whether your kids are home from school or you're going to miss grabbing a meal at your favorite neighborhood restaurant this weekend," Baker said. "But I think it's important to remember why: our public health professionals believe by taking these serious actions now, we can mitigate the spread of coronavirus and help protect our most vulnerable population."
Massachusetts health officials said Monday there are now 197 cases of coronavirus in Massachusetts, an increase of 33 since Sunday.
The small business loan fund is being administered by the Massachusetts Growth Capital Corp. Applications can be filled out at www.empoweringsmallbusiness.org. Completed applications can be emailed to mgcc@massgcc.com.