BOSTON – The Baker-Polito Administration earlier this week, announced a $10 Million Small Business Recovery Loan Fund to provide financial relief to small businesses and non-profits impacted by COVID-19.
Today, March 20, the Administration announced that MassDevelopment’s Board of Directors will meet next week to vote on a partnership that will make an additional $10 million available for the Small Business Recovery Loan Fund.
The state-level emergency loan fund is aimed at providing crucial resources for small businesses that will supplement important federal relief. Governor Baker on Tuesday formally requested disaster relief from the federal Small Business Administration, and with this week’s announcement that that request had been granted, Massachusetts businesses impacted by COVID-19 may now apply for low-interest loans.
Tax Relief for Businesses
The Baker-Polito Administration also announced today, tax penalty relief to support businesses affected by COVID-19.
The Department of Revenue said it would waive any late-file or late-pay penalties for returns and payment due for meals and room occupancy taxes between March 20 and May 31, 2020.