COVID-19: Information for Businesses
On Friday, March 27, the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) was passed. South Shore Bank has been designated as a Preferred Lender by the Small Business Administration (SBA), which means we will be able to move quickly for applicants once guidelines are defined and provided for the CARES Act.
The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
Once a declaration is made for designated areas within the state, information on the application process for Economic Injury Disaster Loan assistance will be made available to all affected communities as well as updated SBA's website: SBA.gov/disaster.
These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.
SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.