Massachusetts tiny corporations grappling with the economic repercussions of the ongoing COVID-19 pandemic can now use for grants up to $75,000, Gov. Charlie Baker said Wednesday as he declared a new round of funding for a application that launched all through last winter’s virus surge just before vaccines turned broadly obtainable.
Baker mentioned there’s $50 million available — sourced by federal COVID reduction pounds and appropriated by the Legislature — for modest small business that achieve “socially and economically disadvantaged and traditionally underrepresented groups,” which include business owned by minorities, women, veterans, individuals with disabilities and users of the LGBTQ group. A different $25 million is earmarked for firms that have nonetheless to participate in any COVID relief software administered by the Massachusetts Growth Money Corporation, Baker stated.
“I actually do hope that everybody who has a business enterprise that appears and feels like this can use,” Baker claimed through a press conference in Brockton Wednesday early morning. “I’m confident that the community of corporations throughout the state who have served us just before with outreach and aid function will be carrying out their point to make confident that folks get their apps in and get them in on time.”
Baker termed the initial iteration of the method a “lifesaver” for corporations, downtown spots, households and clients.
Purposes for the new round of funding are open up from Feb. 23 through 11:59 p.m. on April 4, in accordance to the Massachusetts Expansion Capital Corporation’s web site. Grant amounts array from $10,000 to $75,000.
“Grants will be capped at the lesser of $75,000, which shall be equal to 3 months of annualized working expenditures, as evidenced by 2020 Federal Tax Returns,” the corporation’s site states.
Modest enterprises should show their 2020 revenues were being concerning $40,000 and $2.5 million, the Baker administration explained.
Lt. Gov. Karyn Polito stressed the company will be supplying choices to companies that not been given federal, condition or nearby reduction help.
The grants can cover payroll costs, mortgage and rent payments, and utility functioning charges, Polito stated. Small business might also deploy the cash to improve out of doors eating setups and apply other actions to mitigate COVID unfold.
“See if you are qualified due to the fact you most most likely are — and plug in and assistance your organization continue to mature and prosper right here in the commonwealth,” Polito claimed. “Thank you for absolutely everyone doing your element not only relative to COVID, but helping to aid the firms in your local community. So it’s on us to get out and shop neighborhood, dine nearby … Make a plan to go out with pals and household and seriously help the tiny corporations that make up the cloth of our commonwealth.”