CARES Act includes $377 billion in small business relief
The following is a media release from Sen. Ed Markey and Sen Elizabeth Warren’s offices. Both were elected by voters in the Commonwealth of Massachusetts to serve the state in Washington DC in the US Senate. Both are Democrats.
WASHINGTON DC – United States Senators Elizabeth Warren (D-Mass) and Edward J. Markey (D-Mass) yesterday, March 27, announced new resources that will soon be available to Massachusetts small businesses suffering the economic consequences of the coronavirus health emergency.
The outbreak of COVID-19 has dealt a severe financial blow to the more than 669,000 small businesses across the Commonwealth.
As non-essential businesses throughout the state are forced to cease in person operations, many of these businesses have had to shut their doors, through no fault of their own.
“This crisis is putting a ton of pressure on small business owners and their employees,” said Senator Warren. “Small businesses in Massachusetts and across the country are going to help get us through this crisis and deliver a stronger recovery, which is why we have been working to get them some relief now.”
“Massachusetts small businesses are fighting for their economic survival as they are forced to close through no fault of their own” said Senator Markey. “The CARES Act provides billions of dollars in important relief to keep small businesses afloat during this crisis, and our offices are here to help owners and workers navigate the federal support available at this time.”
The CARES Act includes three major components of small business assistance:
• $350 billion in loan forgiveness grants to small businesses and non-profits to maintain existing workforce and help pay for other expenses like rent, mortgage, and utilities.
• $10 billion for SBA emergency grants of up to $10,000 to provide immediate relief for small business operating costs.
• $17 billion for SBA to cover 6 months of payments for small businesses with existing SBA loans.
Alongside this aid, Senators Warren and Markey are providing resources to help the Massachusetts small business community navigate relief package.
The Small Business Owner’s Guide to the CARES Act – a comprehensive Q&A for Massachusetts small businesses
MA SBA District Offices (Boston & Springfield)
SBA supported counselors can help guide small businesses during these uncertain times. The following local resources are available to Massachusetts businesses:
Small Business Development Centers
Women’s Business Centers
SCORE Mentorship Chapters