Last week, the Commonwealth announced a $668 million small business relief package to be administered by Massachusetts Growth Capital Corporation (MGCC). This package provides additional funding for the existing small business relief program which originally launched in October and additional funding for businesses that fall into specific industry sectors.
Existing Small Business Grant Program
MGCC continues to review existing applications from the first small business relief program. Businesses that already applied to MGCC’s first small business relief program from October do not need to reapply to the new program. All applications in the existing program are currently being reviewed.
Businesses that have already submitted complete and accurate applications to this first program and either meet the demographic priorities from the first program or meet the sector-specific priorities from the new program are eligible to receive funding. Businesses that have already applied to MGCC through the first program will be notified of their award status by January 18th.
New Sector-Specific Relief Grant Program
The Commonwealth’s new Sector-Specific Relief Grant Program will offer grants up to $75,000, but not more than three months’ operating expenses, to be used for employee wage and benefits costs, space-related costs, and debt service obligations, for businesses in the hardest-hit sectors of Massachusetts’ economy.
Priority categories for the Sector-Specific Relief Program are:
- Restaurants, bars, caterers, and food trucks that collect and remit meals tax
- Indoor Recreation or Entertainment Establishments
- Indoor entertainment establishments (e.g. movie theaters, comedy clubs, performing arts venues/organizations)
- Indoor recreation (e.g. arcades, bowling centers, pool/billiard halls, escape-the-rooms, trampoline parks, roller-skating rinks)
- Indoor spectator sports venues
- Other indoor recreation or entertainment venues
- Gyms or Fitness Centers
- Gyms, athletic clubs, exercise centers, health clubs
- Sports facilities (e.g. tennis clubs, racquetball clubs, hockey rinks, swimming facilities)
- Fitness instruction centers (e.g. aerobics, dance, yoga, karate, etc.)
- Other gyms or fitness centers
- Personal Services
- Nail salons, barber shops, etc.
- Independent pharmacies
- Event Support Companies – primary source (more than 50%) of revenue is event-related
- Photography studios, videography studios, florists, limo services, event planning companies, event rentals, performers, convention and trade show organizations
- Independent Retailers
- Businesses with brick and mortar locations that collect and remit sales tax
The application period for the new program will run from Thursday, December 31st through Friday, January 15th. Businesses that have not already applied to MGCC and choose to apply in the new program will be notified of their award status in February.