Last week the Massachusetts Growth Capital Corporation (MGCC) started paying out the first round of the Covid-19 Grants totaling $50.8 Million to just over 1,100 of the 10,000 business that applied. A few of our clients with practices received this $75k grant. The state also recently announced at: https://www.mass.gov/news/baker-polito-administration-announces-668-million-small-business-relief-package that they earmarked an additional $668 Million for Covid-19 Grants as follows:
The Baker-Polito Administration launched a $668 million program to provide financial assistance to Massachusetts small businesses impacted by the COVID-19 pandemic. The program in part relies on the pending federal COVID-19 relief bill recently passed by Congress. Regardless of the developments at the federal level, the Baker-Polito Administration will start releasing millions in new funding to restaurants, retailers, and other small businesses throughout the Commonwealth as soon as next week.
Additional grants will be made available to eligible small businesses through MGCC. The Small Business Grant Program was established in the fall, and currently has a pool of eligible applicants awaiting funding. This additional funding will allow the Administration to award more of those pending applicants. Eligible businesses that already applied to the program, but were not funded due to limited funds available, will be prioritized for funding first and do not need to reapply.
The funds will also be used to stand up an additional grant program at MGCC. This program will target the industries most hard-hit during the pandemic. Eligible industries for the new program include:
- Restaurants, bars, caterers
- Indoor recreation and entertainment establishments
- Gyms and fitness centers
- Event-support professionals (photographers, videographers, etc.)
- Personal services
The new business relief program would offer grants up to $75,000, but not more than three months’ operating expenses, to be used for employee wage and benefits costs, space-related costs, and debt service obligations.
The online application portal for the new program will open on Thursday, December 31, and will close on Friday, January 15. Awards are expected to be announced in early February.
More details on how to apply and eligibility requirements are available at www.empoweringsmallbusiness.org.