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The original item was published from 2/28/2022 10:40:15 AM to 5/1/2022 12:00:04 AM.

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Posted on: February 28, 2022

[ARCHIVED] State launches new $75 Million Small Business Relief Program

Last week, the Massachusetts Growth Capital Corporation (MGCC) announced two new grant programs for small businesses affected by the COVID-19 pandemic. These funds were appropriated through the state’s share of the American Rescue Plan Act. There are two programs: The New Applicant Grant Program and The Inclusive Grant Program. The application period for both programs is February 23 - April 4, 2022 and grant awards will be made after all applications have been received. It is not a first come first served program. The most important details of each program are outlined below. For complete information on eligibility, use of funds and required documents, visit the MGCC site here

New Applicant Grant Program - $25 million available

  • Available to support small businesses negatively impacted by COVID-19 that have not previously received financial relief from MGCC’s COVID-19 Relief Grant ProgramsBusinesses that have received MGCC Empower Digital or Biz M Power grants are still eligible for this program. 
  • Grants will be between $10,000 - $75,000 and will be the equivalent to 3 months of annualized operating expenses, as evidenced by 2020 Federal Tax Returns. 
  • The business must currently have between 2-50 full-time equivalent (FTE) employees, one of which is the owner. Sole proprietors are not eligible for this grant. 
  • The business must have a minimum of $40,000 in operating expenses based on 2020 Federal Business Tax Returns.
  • Business revenues must be between $40,000 to $2,500,000 based on 2020 Federal Business Tax Returns.
  • Business must have been established prior to 09/30/2020 and be currently in operation.

While all businesses meeting the program's criteria are eligible, priority will be given to businesses that were established after 06/30/2019 and have not received relief aid from Federal, State or local programs. 

Inclusive Grant Program - $50 million available

  • Targets businesses that focus on reaching markets predominantly made up of socially and economically disadvantaged and historically underrepresented groups, underserved markets, and those owned by minorities, women, veterans, disabled individuals, or those that identify as part of the LGBTQ+ community. 
  • Grants will be between $10,000 - $75,000 and will be the equivalent to 3 months of annualized operating expenses, as evidenced by 2020 Federal Tax Returns. 
  • The business must currently have between 2-50 full-time equivalent (FTE) employees, one of which is the owner. Sole proprietors are not eligible for this grant. 
  • The business must have a minimum of $40,000 in operating expenses based on 2020 Federal Business Tax Returns.
  • Business revenues must be between $40,000 to $2,500,000 based on 2020 Federal Business Tax Returns.
  • Business must have been established prior to 09/30/2020 and be currently in operation.

While all businesses meeting the program's criteria are eligible, priority will be given to businesses that are located in a Gateway City and have not received relief aid from Federal, State or local programs. 

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