• Governor Baker Announces 50.8 Million in Grants for Small Businesses

    October 28, 2020
    The Commonwealth of Massachusetts has made $50.8 million in grants available to support small businesses, microenterprises, and their employees, families and communities. Massachusetts Growth Capital Corporation will administer the funds to businesses experiencing economic hardship and a loss of income due to the COVID-19 pandemic.
     
    Grant funding is intended to help businesses adversely impacted by the pandemic. Preference will be given to small businesses whose owners are women, minorities, veterans, members of other underrepresented groups, who are focused on serving the Gateway Cities of Massachusetts, and those most negatively impacted by the COVID-19 pandemic. Preference will also be given to applicants that have not been able to receive aid from other federal programs related to COVID-19.
     
    Timeline: application will be open for 3 weeks
    Application opens: 10/22/2020 at 12 pm Application closes: 11/12/2020 at 12 pm
     
    SMALL BUSINESS GRANTS OF UP TO $25,000 FOR 5 OR FEWER EMPLOYEES
     Funds may be used for working capital to cover business costs such as:
     Rent, Technical Assistance, Staffing, General Support, Purchase of PPE, Utilities and Business Stabilization
     
    SMALL BUSINESS GRANTS OF UP TO $75,000 FOR 50 OR FEWER EMPLOYEES
    Businesses can receive up to $75,000 but capped at up to 3 months of operating expenses, as evidenced by 2019 federal tax returns.
     
    Grant amounts will be considered for actual expenses for 2020 during the pandemic. Expenses since March 10, 2020 can be considered but cannot exceed 3 months of operating expenses evidenced by 2019 federal tax returns.
     
    APPROVED USE OF FUNDS includes  Employee Payroll, Employee Benefits, Mortgage Interest, Rent, Utilities and Interest on other Debt Obligations
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