The Baker administration announced that $50.8 million in grants has been made available to support Massachusetts small businesses during the pandemic.
For companies with up to 50 employees, grants of up to $75,000 can be used for payroll and benefit costs, mortgage interest, rent, utilities, and interest on other debt obligations. Smaller employers with 5 or fewer employees can get up to $25,000.
Massachusetts Growth Capital Corporation (MGCC) will be administering these funds to businesses experiencing economic hardship and a loss of income due to the COVID-19 pandemic.
According to their website, grant funding is intended to help businesses adversely impacted by the pandemic. Preference will be given to small businesses whose owners are women, minorities, veterans, members of other underrepresented groups, who are focused on serving the Gateway Cities of Massachusetts, and those most negatively impacted by the COVID-19 pandemic. Preference will also be given to applicants that have not been able to receive aid from other federal programs related to COVID-19.
The application will be open for 3 weeks starting today, 10/22/2020, and ending 11/12/2020 at 12:00 PM.
For more information on eligibility and to apply, please visit here. If you have any questions please contact your ALL advisor or call us at 617-738-5200.
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