How Mass. small businesses can apply for the new round of COVID-19 stimulus money
"There is little about this pandemic that doesn't come with urgency and supporting our small businesses is a top priority."
Related Links
-
$2,000 payments
Trump asks Congress to amend COVID-19 relief bill, increasing payments from $600 to $2,000
-
CHARLIE BAKER
Charlie Baker announces new restrictions on businesses and gatherings due to concerns about holiday-linked COVID-19 surge
-
Restaurants
In another pivot, some local restaurateurs are launching ghost kitchens
Gov. Charlie Baker announced on Wednesday a $668 million stimulus package aimed at giving support to small businesses in Massachusetts, especially those hardest hit by the coronavirus pandemic’s financial fallout.
According to state officials, the cash will support additional grants under a program launched earlier this year and will help establish another initiative to supply businesses up to $75,000 or three months of operating expenses.
“There is little about this pandemic that doesn’t come with urgency and supporting our small businesses is a top priority,” state Housing and Economic Development Secretary Mike Kennealy told reporters during a press conference Wednesday.
Baker said the money will allow business owners to pay debts, cover their rent, compensate employees, and pay utility bills and other operational costs.
“This money will go to restaurants, retailers, and other businesses that have been hit hard by COVID,” he said.
The announcement comes after a round of awards under the Massachusetts Growth Capital Corporation COVID-19 Small Business Program, totaling $49 million for 1,158 businesses, were issued on Monday. The program, launched in the fall, received over 10,000 applicants.
Through the state’s stimulus package, officials intend to continue awarding more grants as soon as next week, Baker said. Businesses in certain sectors will be eligible for the new funding program, which will also operate through the MGCC.
“This is so important for the livelihoods of the owners and their employees, for the vibrancy of our downtowns, and for the state’s overall economic recovery,” Kennealy said. “To our businesses and entrepreneurs, your resiliency is inspiring, and your ability to adapt in these challenging times is remarkable. Please apply for these funds and put them to good use.”
Baker also urged President Donald Trump to sign off on a $900 billion COVID-19 relief package passed by Congress earlier this week. While the Republican governor acknowledged that people across the political spectrum “are right to be frustrated by parts of this bill,” the measure “does contain critical funding that will go a long way to supporting people here in Massachusetts,” he said.
Although funding for the state’s stimulus package is not dependent on the federal proposal, the bill on Trump’s desk would give the state flexibility for how it spends federal funds, if passed, Baker said.
“If this whole thing falls apart … that just makes it a lot more complicated to make the math work, but I am anticipating that this thing is going to get signed and we’re going to be able to fully implement this program and support literally thousands of businesses in Massachusetts who really need our help,” he said.
Here’s what to know about the programs:
Who is eligible
State officials will continue to award grants to eligible businesses who applied to the COVID-19 Small Business Program this fall but did not receive funding.
Certain sectors where businesses were hardest hit by the pandemic’s ramifications will be eligible under a new grant program. Eligible industries include restaurants, bars, and caterers; indoor recreation and entertainment establishments; gyms and fitness centers; personal services; retail; and event-support professionals such as photographers and videographers.
According to Lt. Gov. Karyn Polito, those businesses must be “able to document a loss of income as much as or higher than their grant request due to the pandemic” and have a physical establishment in Massachusetts.
How to apply
Businesses that applied to receive relief through the Small Business Program in the fall and did not “will be prioritized for funding first and do not need to reapply,” officials said.
Businesses seeking to apply to the new program will be able to do so through an online portal once it becomes available on Dec. 31. Business owners can find more information at www.empoweringsmallbusiness.org.
When to apply
Applications for the new program will be accepted from Dec. 31 until Jan. 15. Officials anticipate awarding grants in early February.
To comment, please create a screen name in your profile
To comment, please verify your email address
Conversation
This discussion has ended. Please join elsewhere on Boston.com