Massachusetts smaller companies grappling with the economic repercussions of the ongoing COVID-19 pandemic can now utilize for grants up to $75,000, Gov. Charlie Baker reported Wednesday as he introduced a new round of funding for a system that launched through previous winter’s virus surge right before vaccines turned commonly accessible.
Baker explained there is $50 million available — sourced by federal COVID reduction pounds and appropriated by the Legislature — for little small business that access “socially and economically deprived and historically underrepresented teams,” together with enterprise owned by minorities, women of all ages, veterans, persons with disabilities and users of the LGBTQ community. One more $25 million is earmarked for organizations that have still to participate in any COVID relief application administered by the Massachusetts Development Funds Corporation, Baker said.
“I definitely do hope that everybody who has a business enterprise that looks and feels like this can use,” Baker explained all through a press conference in Brockton Wednesday early morning. “I’m confident that the network of corporations throughout the state who have helped us ahead of with outreach and guidance get the job done will be performing their issue to make positive that individuals get their applications in and get them in on time.”
Baker identified as the 1st iteration of the plan a “lifesaver” for businesses, downtown areas, families and prospects.
Programs 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 Advancement Funds Corporation’s web page. Grant amounts selection 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 expenses, as evidenced by 2020 Federal Tax Returns,” the corporation’s internet site states.
Modest firms have to exhibit their 2020 revenues have been in between $40,000 and $2.5 million, the Baker administration stated.
Lt. Gov. Karyn Polito stressed the corporation will be giving preferences to corporations that not been given federal, state or regional relief help.
The grants can protect payroll expenditures, mortgage and lease payments, and utility functioning expenses, Polito reported. Company might also deploy the income to improve out of doors eating setups and apply other measures to mitigate COVID distribute.
“See if you are eligible because you most likely are — and plug in and enable your organization go on to improve and prosper in this article in the commonwealth,” Polito claimed. “Thank you for absolutely everyone executing your portion not only relative to COVID, but serving to to aid the businesses in your group. So it’s on us to get out and store nearby, dine local … Make a prepare to go out with friends and loved ones and definitely assistance the tiny enterprises that make up the cloth of our commonwealth.”