The U.S. Small Business Administration announced on July 13, 2023, that eligible small businesses, agricultural cooperatives, aquaculture businesses and most private nonprofits could seek Economic Injury Disaster Loans after a May 17–18 freeze. The declaration covered ten primary Massachusetts counties and contiguous counties in Connecticut, New Hampshire, New York, Rhode Island and Vermont. [story-s1]

The agency said eligible farm-related and nonfarm-related entities could borrow up to $2 million for direct financial losses. The release listed interest rates of 4 percent for small businesses and 2.375 percent for private nonprofits, with terms up to 30 years. Proceeds could cover fixed debts, payroll, accounts payable and other bills that would have been payable absent the disaster; SBA cautioned that the loans were not intended to replace lost sales or profits. [story-s1]

The declaration illustrates a practical distinction for operators: eligibility is tied to documented disaster-related financial injury, not simply reduced revenue in the abstract. The release also excluded agricultural producers, farmers and ranchers, except aquaculture enterprises. Applicants were directed to cite declaration 18003, and SBA set March 11, 2024, as the application deadline. [story-s1]

For eligible firms, the stated uses included payroll and accounts payable as well as fixed debt, making the program a bridge for ongoing obligations rather than compensation for foregone profit. Applicants could file through SBA’s Electronic Loan Application or obtain forms through the agency; the release also provided telephone, email and mail routes. The declaration’s reach across contiguous counties in five neighboring states makes the geographic footprint broader than the primary Massachusetts counties, while eligibility remained tied to affected entities and direct losses. [story-s1]

Source documents

  1. Small Businesses in Massachusetts Eligible to Apply for SBA Working Capital Loans Due to Secretary of Agriculture Declaration for Freezehttps://www.sba.gov/article/2023/07/13/small-businesses-massachusetts-eligible-apply-sba-working-capital-loans-due-secretary-of-agriculture