Business & Tech
Coronavirus Closures: Resources For Arlington Businesses Impacted
Statewide restrictions aimed at curbing the spread of the coronavirus are hitting local businesses hard.
ARLINGTON, MA — Statewide restrictions aimed at curbing the spread of the coronavirus are hitting local businesses hard. The town of Arlington this week said it is committed to supporting small business owners and nonprofits during this closure period.
The town has asked business owners to take a COVID-19 Business Impact Survey to help better identify and support their needs. Please contact Ali Carter, Economic Development Coordinator, at acarter@town.arlington.ma.us, if you have any questions or need assistance navigating these resources.
Below are some resources for Arlington's business and nonprofit community:
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Small Business Recovery Loan Fund
The $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 part-time employees, including nonprofits.
Find out what's happening in Arlingtonfor free with the latest updates from Patch.
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%).
Small Business Administration’s Economic Injury Disaster Loan Program
The Economic Injury Disaster Loan (EIDL) Program 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%.
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.
Unemployment Resources
Updated information regarding unemployment resources.
The WorkShare program, a tool to help employers avoid layoffs during a downturn.
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.
Other Guidance
U.S. Small Business Association Guidance and Loan Resources
Commonwealth of Massachusetts Guidance
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