Last week, the Administration announced a $668 million business relief package to be administered by Massachusetts Growth Capital Corporation (MGCC). The business relief package consists of two programs: (1) a recapitalization of the first small business relief program, which launched in October and (2) additional funding for businesses that fall into specific industry sectors. MGCC is reviewing existing applications from the first small business relief program, and is preparing to post the application for the sector-specific grant program.
· A program overview for the sector-specific program is now online and can be found here.
· The application period for the new program will run from Thursday, December 31st through Friday, January 15th.
· 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 the first program and either (a) meet the demographic preferences from the first program or (b) meet the sector-specific preferences from the new program will receive funding.
- Demographic preferences: Minority-owned, women-owned, veteran-owned, LGBTQ+-owned, businesses owned by persons with disabilities, or businesses located in Gateway Cities
- Sector preferences: Restaurants/Bars, Independent Retailers, Indoor Recreation and Entertainment, Personal Services, Event Support Companies (additional details)
· Businesses that have already applied to MGCC through the first program will be notified of their award status by January 18th.
· 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.
This program is intended to assist the hardest hit small businesses. Though many businesses have been negatively impacted by the pandemic, not all needs are equal. An excessive number of applications submitted by businesses with lesser need will delay the awarding of grants to businesses facing extraordinary circumstances. Businesses that are well-positioned to receive newly available PPP funds are encouraged to seek relief from that alternative source.