The Baker-Polito Administration has announced the launch of a new $75 million grant program to support small businesses impacted by COVID-19.
The new program, made possible by the American Rescue Plan Act (ARPA), is modeled after Massachusetts Growth Capital Corporation’s (MGCC) successful COVID-19 small business relief program.
“The challenges faced by Massachusetts’ small businesses during COVID have been enormous, but in my district and across the state I have seen so many entrepreneurs and innovators respond with incredible perseverance and grace. Small businesses are the backbone of our economy, and they deserve our support,” said Senate President Karen E. Spilka.
The program is designed for small businesses that employ between two and 50 people, with $25 million directed toward businesses that did not qualify for previous MGCC grants because of a lack of revenue loss in 2020; and $50 million directed to businesses that reach underserved markets and historically underrepresented groups, or are minority-, women-, or veteran-owned businesses, or are owned by individuals with disabilities or who identify as a member of the LGBTQ+ community.
Under both categories, grants will range from $10,000 to $75,000 and will be capped at the lesser of $75,000 or three months of operating expenses. Grant funding can be used for employee and benefits costs, mortgage interest, rent, utilities, and interest on debt. In order to be eligible, businesses must currently be in operation and based in Massachusetts. Applicants must also demonstrate that business revenues for 2020 were between $40,000 and $2.5 million.
To learn more about the grant program and apply, please click here.