We’re happy to share that additional financial assistance is coming for our local small businesses that have been hit hard by the pandemic.
Last week, the Baker-Polito administration announced a $668 million boost to the Small Business Grant Program to help several industries that have been negatively impacted by the pandemic, including:
-Restaurants, bars, and caterers
-Indoor recreation and entertainment establishments
-Gyms and fitness centers
-Event-support professionals (photographers, videographers, etc.)
Grants will be offered up to $75,000, but not more than three months’ operating expenses. Funds can be used to pay rent, employee wages and benefits, utilities, and pay down debt, among other expenses.
The Small Business Grant Program, which was established in the fall, 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.
New applications for additional funding will be accepted from December 31 through January 15. Massachusetts Growth Capital Corporation (MGCC) will administer the funds and manage applications.
For additional details about eligibility and how to apply, click here.
To view Governor Baker’s full press release, please click here. As always, as information becomes available, we will be sure to share it with you.