CARES Act includes $377 billion in small business relief

Washington (March 27, 2020) –Senators Edward J. Markey (D-Mass) and Elizabeth Warren (D-Mass) today 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.

“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.” 

“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.”

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 Markey and Warren 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)

List of current Massachusetts 7(a) lenders

SBA lender–match

Local Assistance

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

Massachusetts Small Business Development Center Network

Women’s Business Centers

Center for Women & Enterprise - Eastern Massachusetts

Center for Women & Enterprise - Central Massachusetts

SCORE Mentorship Chapters

SCORE Boston Chapter

SCORE Worcester Chapter

SCORE Northeastern Massachusetts Chapter

SCORE Southeastern Massachusetts Chapter

SCORE Western Massachusetts Chapter

SCORE Cape Cod Chapter

SCORE Rhode Island (Serving Fall River, New Bedford)

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