Tuesday, December 29, 2020

Business Relief

Last week, Governor Baker announced a $668 million business relief package to be administered by the Massachusetts Growth Capital Corporation (MGCC). The business relief package consists of two programs: (1) a recapitalization of the existing small business relief program; and (2) additional funding for businesses that fall into specific industry sectors. 

(Existing) Small Business Grant Program Details MGCC is reviewing existing applications from the first small business relief program. Businesses that already applied to MGCC’s first small business relief program do not need to reapply to the new program. All applications in the existing program are currently being reviewed. 

Businesses that have already submitted complete and accurate applications to this first program and either (a) meet the demographic priorities from the first program or (b) meet the sector-specific priorities from the new program will receive funding. 

  • Demographic priorities: Minority-owned, women-owned, veteran-owned, LGBTQ+-owned, businesses owned by persons with disabilities, or businesses located in Gateway Cities 
  • Sector priorities: Restaurants/Bars, Independent Retailers, Indoor Recreation and Entertainment, Personal Services, Event Support Companies Businesses that have already applied to MGCC through the first program will be notified of their award status by January 18th. 

(NEW) Sector-Specific Relief Program Details A program overview for the new sector-specific program is now online and can be found here - https://www.empoweringsmallbusiness.org/covid-19-response/sector-specific-relief-grant-program-massachusetts-businesses. The program overview webpage includes key details and information relative to the program parameters and preferences. 

This program is intended to assist the hardest-hit businesses, so please feel free to share with your constituents. The application period for the new program is Thursday, December 31st through Friday, January 15th. Businesses that have not already applied to MGCC and choose to apply in the new program will be notified of their award status in February.