The fund will offer small businesses up to $75,000.
The Baker-Polito administration will be working with the Mass Growth Capital Corporation to launch a $668 million program offering financial assistance to Massachusetts small businesses affected by the coronavirus pandemic. While the introduction of the package was announced on December 23, the application portal will open on December 31 and close on January 15.
“The Commonwealth will begin awarding millions of dollars in new funding to restaurants, retailers, and other small businesses, as soon as next week,” said governor Charlie Baker. “These grants of up to $75,000 and three months of operating expenses are designed to help small businesses pay employees, pay their rent, pay down debt, and pay their utilities, or other costs of operation.”
Small businesses that are eligible include restaurants, indoor entertainment establishments, gyms, event-support professionals, personal services, and retail. They must have a physical establishment in Massachusetts and must be a for-profit entity. They will also have to be able to document a loss of income greater than requested assistance, due to the pandemic. Some types of businesses that are ineligible are real estate businesses, lobbyists, cannabis related businesses, and non-profit organizations. Funds can be used for employee payroll and benefit costs, mortgage interest, rent, utilities, and interest on other debt obligations. Application documents needed include a certificate of good standing from the Massachusetts Secretary of State’s office and a complete 2019 federal business tax return.