$75 MILLION FOR SMALL BUSINESSES IMPACTED BY COVID-19

By Bob Katzen

The Baker administration announced the launch of a $75 million program, funded by money from the $4 billion American Rescue Plan, to provide grants to businesses impacted by COVID-19. The program provides $50 million toward businesses that employ between two and 50 people and which reach underserved markets and businesses owned by minorities, women, veterans, the disabled and people who identify as a member of the LGBTQ+ community.

The other $25 million would go to small businesses that did not qualify for an earlier $700 million program under which some 15,000 businesses received grants. Under both categories, grants will range from $10,000 to $75,000, and funding can be used for employee and benefit costs, mortgage interest, rent, utilities and interest on debt.

“We have been proud to support small businesses in every corner of the commonwealth through the small business program during the pandemic, but we know that some challenges remain for many businesses,” said Gov. Charlie Baker. “With the launch of this new effort, we can build on … successful work and direct important federal funding to those businesses with the greatest need quickly and effectively.”

“The challenges faced by Massachusetts’ small businesses during COVID have been enormous, but in my district and across the state, I have seen so many entrepreneurs and innovators respond with incredible perseverance and grace,” said Senate President Karen Spilka (D-Ashland). “Small businesses are the backbone of our economy and they deserve our support.”

More information is at http://www.empoweringSmallBusiness.org

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