October 22, 2020

Governor Announces Small Business Recovery Grants

Today, the Baker-Polito Administration announced a $774 million comprehensive plan to stabilize and grow the Massachusetts economy which includes the creation of a $50.8 million Small Business Grant Program.  The Governor’s full announcement may be found here. 
 

The Small Business Grant Program will be administered by the Massachusetts Growth Capital Corporation (MGCC), with $50.8 million available beginning today.  Grant awards range between $25,000 – $75,000, and eligibility criteria and applications are available here.
 

Applications will be reviewed on a rolling basis over a three week period, with preference given to small businesses whose owners are women, minorities, veterans, members of other underrepresented groups, or focused on serving the Gateway Cities of Massachusetts, who have been unable to open and those most adversely impacted by the COVID-19 pandemic. Preference is also given to applicants that have not been able to receive aid from other federal programs, including PPP and other relief related to COVID-19.  The program has two distinct funding “doors” based on business size, with different eligibility criteria, which is available online.  Applicants must review the information to determine which program to proceed with applying.

Lower Sales, Higher Costs  Endanger Massachusetts Main Streets

by Jon Hurst, President
 

Come January, countless small business owners will review their receipts and expenses and decide if they can stay open. They will be making that heart wrenching decision at a time of great uncertainty. Can they take the risk that they can bring consumers back into their stores and restaurants and drive up sales to cover their expenses, or are the costs of operating just too much?

Four major pressure points for small business in Massachusetts are state government mandated cost drivers that are coming their way.