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Massachusetts Offers Further Pandemic Funding for Small Businesses
The Commonwealth of Massachusetts has announced it is making $50.8 million in grants available to support small businesses across the state that have been impacted by the COVID-19 pandemic. The program will be administered by the Massachusetts Growth Capital Corporation (MGCC).
Grants are available at two different levels, depending on the number of full-time equivalent (FTE) employees in a business. Businesses with 5 or fewer employees may be eligible for up to $25,000; while businesses with 50 or fewer employees may receive up to $75,000, capped at up to three months of operating expenses (as determined by the company's 2019 federal tax return).
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.
Keep in mind that grantees must also prevent the duplication of benefits, which means the grant funds may not be used to pay expenses if another overlapping source of financial aid has paid that same expense
The applications for grants are now open and will remain open until November 12, 2020 at 12:00 pm. Online applications for both programs, along with specific eligibility requirements, are available on the MGCC website.
For additional information about the Massachusetts pandemic grants and other available funding for businesses affected by the ongoing crisis, please call Gray, Gray & Gray at (781) 407-0300.
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