Applications are now being accepted for Massachusetts' $668 million program to provide financial assistance to certain small businesses that are experiencing the most significant economic hardship and a loss of revenue because of the pandemic. The deadline for eligible businesses to apply through the Massachusetts Growth Capital Corporation (MGCC) is Friday, January 15th.
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.
The program targets for-profit businesses with a physical establishment in Massachusetts that were the most hard-hit during the pandemic. The state has listed "Priority Categories" that will be given preference. Those business sectors are:
All other eligible business types are considered, "Non-Priority Categories." The MGCC has a more detailed list on their website.
Who Should NOT Apply?
Because this program is designed to help Massachusetts small businesses that have been most severely impacted by the pandemic and funds are limited, the state is asking businesses not to apply if you:
Also, the state is asking larger companies that are better positioned to endure this economic downturn and COVID-19 related restrictions not to apply.
With the January 15th application deadline approaching, now is the time to act. Business owners who believe they might qualify for this relief should contact their DGC client service team or one of our experts as soon as possible:
You can read more about the program and the application process by visiting the MGCC website. Also, DGC's coronavirus web page is frequently updated with resources to help you deal with the impact of COVID-19 on you and your business. Visit dgccpa.com/coronavirus to learn more.