The Baker-Polito Administration launched a $668 million program to provide financial assistance to Massachusetts small businesses impacted by the COVID-19 pandemic. The program, in part, relies on the pending federal COVID-19 relief bill. In announcing the program, Governor Baker stated that the program would go forward and begin making loans regardless of the uncertainty surrounding the potential for a presidential veto (the governor's announcement preceded the December 23rd announcement of a potential veto of the federal stimulus bill).
The program targets for-profit businesses with a physical establishment in Massachusetts that were the most hard-hit during the pandemic:
The program will pay up to $75,000 for three months of operating expenses and is designed to help small businesses pay employees, pay the rent, pay down their debt, pay their utilities, and pay other costs of operations.
Yesterday’s announcement directed potential applicants to the Massachusetts Growth Capital Corporation’s (MGCC) website for further details regarding the application process. The MGCC’s website will have further information on the application process beginning December 28th, but we have some preliminary information available at this time.
If you have questions about COVID-19 relief, please reach out to a member of your DGC client service team or Scott Thomas, JD, LLM at 781-937-5172 / email@example.com or Matthew Mulroney, CPA, MST at 781-937-5372 / firstname.lastname@example.org. You can also visit our coronavirus web page at dgccpa.com/coronavirus which is frequently updated with resources to help you deal with the impact of the coronavirus on you and your business.