New Grants Available for Small Businesses in MA – COVID-19 Relief
10/23/2020Articles & Podcasts
A new $774 million economic recovery plan for businesses was announced by the Baker Administration on October 22nd. Businesses in Massachusetts that have experienced economic loss and hardship as a result of the COVID-19 pandemic will be eligible for $50.8 million in grants. Massachusetts Growth Capital Corporation (MGCC) will be administering these funds. Applications are being accepted beginning October 22nd until November 12th at 12:00pm.
There are two categories for eligibility: Businesses with five or fewer employees and those with 50 or fewer employees. The amount of funding for businesses with five or fewer employees is up to $25,000. Businesses with 50 or fewer employees can receive up to $75,000, but this is capped at up to three months of operating expenses. Additional details can be found here.
These funds are divided into two programs. Preference will be given to small businesses that have not been able to receive aid from other federal COVID-19 programs as well as women, minority and veteran-owned businesses and underrepresented groups which serve the Gateway Cities of MA.
If you have questions about COVID-19 relief, please reach out to a member of your DGC client service team 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.