$50.8 million in grants have been made available for privately owned small businesses in Massachusetts from the Commonwealth of Massachusetts.
The Massachusetts Growth Capital Corporation (MGCC) will be overseeing the application process, allocating funding to businesses experiencing economic difficulties due to the COVID-19 pandemic.
Who is the funding for?
Small for-profit businesses owned by women, minorities, veterans, members of other underrepresented groups, or businesses focused on serving the Gateway Cities of Massachusetts have priority access to funding. This access is also available to applicants who have not received aid from federal programs related to the COVID-19 pandemic.
There are two programs, one for businesses with five or fewer employees, and a second for businesses of fifty or fewer employees.
Grants for businesses of 5 or fewer employees will be up to $25,000 and are to be used for covering business costs such as rent, staffing, utilities, technical assistance, and stabilization of the business. This funding can also be used for purchasing personal protection equipment (PPE).
Grants for businesses of 50 or fewer employees will be up to $75,000. However, this amount may be capped at 3 months of operating expenses, as evidenced by a business’s 2019 Federal Tax Returns. The funding may be used for payroll and benefits costs, mortgage interest, rent, utilities, and interest on other debt obligations.
Eligibility and how to apply
It is important to note that each program sets out its own criteria for eligibility, alongside being a privately owned small business. Businesses will need to review the information set out by the MGCC before submitting their application.
To download your application and see a full list of required supporting documentation, click here. Applications must be submitted electronically through the MGCC’s online portal.
Applications are open now and must be submitted by 11/12/2020 at 12:00 PM.
If you have any questions about completing your application, email us at email@example.com or call us on (781) 235-1490.
HR staff keeping abreast of COVID-19 related regulations and assistance programs may be interested in learning about the latest extensions to COBRA election and payment deadlines. You can learn more from Insource Insights here.