Gov. Baker and Lt. Gov. Polito
HYANNIS – Governor Charlie Baker unveiled a new $75 million small business relief grant program to help struggling businesses impacted by the COVID-19 pandemic.
The program is based on the Massachusetts Growth Capital Corporation’s relief program, which was the biggest state-sponsored business relief program in the nation and distributed approximately $705 million to over 15,000 businesses throughout the pandemic.
The relief grants are part of a plan to spend $4 billion in American Rescue Plan funding signed into law by Governor Baker late last year.
“We have been proud to support small businesses in every corner of the Commonwealth through the MGCCC small business program during the pandemic, but we know that some challenges remain for many businesses,” said Baker.
“With the launch of this new effort, we can build on MGCC’s successful work and direct important federal funding to those businesses with the greatest need quickly and effectively.”
The money will be focused on businesses that employ between two and 50 people, with $25 million directed toward businesses that did not qualify for previous MGCC grants because of lack of revenue loss in 2020, said Baker.
According to state officials, the other $50 million will be directed towards businesses that reach underserved markets and historically underrepresented groups; minority-,women-, or veteran-owned businesses; businesses owned by individuals with disabilities or those who identify as a member of the LBGTQ+ community.
Grants will range from $10,000 to $75,000 and will be capped at either $75,000 or three months worth of operating expenses, which is lesser.
Employee and benefit costs, mortgage interest, rent, utilities and interest on debt are all acceptable uses for the grant funding.
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