Today, the Baker Administration announced $668 million dollars in a state funded stimulus package to support restaurants, retailers and other small businesses hardest hit by the pandemic. This funding will be available to for-profit businesses with a physical location in Massachusetts and can document loss of income. There will be two different grant streams administered by the Mass Growth Capital Corporation (MGCC) and will serve as a continuation of the Small Business Grant Program that recently awarded $50 million to small businesses, but was only able to fund less than 10 percent of the applications submitted. This stimulus package with be offered in two grant streams:
- Existing Applications: Small Business Grant Program applicants that were eligible did not receive funding during the first round. These applications will be automatically be reviewed for the second round and require no additional follow-up from the applicant. Funding of existing applications will begin next week.
- New Applications: This application portal will open on Thursday, December 31 and stay open through Friday, January 15. Preference will be given to restaurants, bars, gyms, event support and personal services. Funding for new applications will be awarded in February.
More information will be available on the MGCC website https://www.empoweringsmallbusiness.org/covid-19-response/covid-19-grants-massachusetts-small-businesses.
Read the press release here: https://www.mass.gov/news/baker-polito-administration-announces-668-million-small-business-relief-package?n=