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Posted on December 24, 2020
The Baker administration announced yesterday that an additional $668 million will be allocated to a popular grant program to help small businesses impacted by the COVID-19 pandemic.
The program, offered through the Massachusetts Capital Growth Partnership (MCGP), received more than 10,000 applications after it was originally authorized by the Massachusetts Legislature. Initial funding provided nearly $49 million in grants through the MCGP to support more than 1,158 small businesses.
The initial round of grants prioritized allocations to support traditionally underrepresented groups including women-, minority-, and veteran-owned businesses.
“The total amount of grant applications shows the scale of impact and the dire situation that many small businesses face in the commonwealth. This grant program comes as businesses are telling us that they are concerned about ‘surviving the winter’ and we are all urging the Congress and the President to finalize a stimulus package that will have a dramatic impact on responding to many COVID-19 related issues in the commonwealth,” said Brooke Thomson, Executive Vice President for Government Affairs at AIM .
“We thank the governor, lieutenant governor, Secretary Michael Kennealy, House Speaker DeLeo and Senate President Spilka for their continued support for Massachusetts businesses because our Massachusetts businesses need all the help they can get.”
Business that already applied to the MCGP program but were not funded will be prioritized to receive grants first and do not need to reapply. Funds for eligible businesses will start to be granted next week.
The $668 million in additional funding will also provide new opportunities for small business to apply for up to $75,000, or up to three months of operating expenses, including utilities, employee wages and benefits, and debt service.
The new grant application process will begin on
Thursday, December 31, and close on January 15. Awards are expected to be announced in early February.
Eligible industries for the new program include: