The unprecedented economic disruption caused by the coronavirus outbreak is putting pressure on many businesses that are experiencing closures, lost customers and reduced cash flow. Gray, Gray & Gray is available to assist businesses of all sizes as they work to cope with the challenges posed by this health and economic crisis. We are launching an informative webinar series tackling critical issues, and providing help for companies applying for loans and other financial assistance.
Multiple government and non-government organizations are making emergency funding and loans available to help support companies and their employees who may be losing wages due to reduced hours or layoffs. But timing is important. For example, a loan program launched by the Massachusetts Growth Capital Corporation was halted on March 19 after it exhausted its $10 million budget just days after it launched.
In addition, the Boston Business Journal has published a list of initiatives aimed at helping Massachusetts businesses and their employees:
- The U.S. Small Business Administration is offering low-interest federal disaster loans and other resources for small businesses.
- The U.S. Chamber has resources available to inform and equip businesses with the most important and up-to-date information to prevent the spread of the virus and prepare businesses for the near and long-term impact.
- The Greg Hill Foundation has teamed up with Samuel Adams to support those from the Massachusetts restaurant industry who have been impacted by COVID-19 closures.
- The Boston Center for the Arts has partnered with the City of Boston to create a COVID-19 Artist Relief Fund to help artists impacted by the pandemic.
- The Boston Music Maker Relief Fund provides financial relief to music makers in the Boston area affected by lost revenue from gig cancellations resulting from public health concerns related to coronavirus.
- Boston Singers’ Relief Fund is offering emergency relief for singers with gigs cancelled due to COVID-19.
- Loans of up to $20,000 are available to small businesses reeling from the coronavirus pandemic, according to the North Central Massachusetts Development Corp.
- The COVID-19 Response Fund is being set up to provide flexible resources to nonprofits serving those who have been affected financially by the pandemic in the Pioneer Valley.
- The Massachusetts Nonprofit Network has compiled a list of resources, policy updates, and philanthropy/government-led relief efforts to aid nonprofits in responding to COVID-19. This list is updated daily.
- MCRF, an arm of the Cape Cod Times Needy Fund, is providing support to those on Cape Cod who have lost income and/or need food or medical supplies.
- MainVest in Salem has launched “the Main Street Initiative“ — $2,000, zero-interest cash loans to small businesses affected by coronavirus-related closures.
- The CJP is launching the CJP Coronavirus Emergency Fund for the Jewish community with $100,000 from its crisis reserve fund, and has already received pledges from hundreds of donors
For more information on these programs, assistance in applying for emergency loans, or for help on managing your company’s finances during the crisis, please contact Gray, Gray & Gray at (781) 407-0300.