Mass. $10M small business fund for coronavirus relief stops taking applications

Photo | Courtesy of Baker Administration Gov. Charlie Baker giving the State of the State address.

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Open for three days, the $10-million fund set up Monday by the Gov. Charlie Baker Administration to provide up to $75,000 in relief to small businesses impacted by the coronavirus crisis has stopped accepting applications.

According to a note on the Massachusetts Growth Capital Corp. website, the fund stopped taking applications at 12:30 p.m. Thursday and directed businesses to apply for emergency funding through the U.S. Small Business Administration’s Economic Injury Disaster Loan program.

"Due to the availability of EIDL funds, we are no longer accepting applications to the Small Business Recovery Loan Fund at MGCC as of 12:30PM on March 19th, 2020," the website said.

The MGCC fund was set up for businesses with less than 50 full-time and part-time employees to apply for loans up to $75,000. The loans were offered with no payments due for the first six months, followed by 30 months of principal-and-interest payments with no prepayment penalties.

In an effort to prevent the spread of the disease, Baker has instituted a number of measures designed to keep people from interacting with each other, including banning all gatherings of more than 25 people and closing the dining rooms of all restaurants, although they can still offer takeout and delivery.

As these social distancing measures were ramping up at the end of last week, retailers around Greater Worcester were reporting significantly less foot traffic and revenue. Over the weekend and on Monday, restaurants and outdoor venues announced temporary closures.