Newburg | CPA Staff Writers 

February 25, 2022

The Commonwealth of Massachusetts launched a new grant program of $75 million to support small businesses that were adversely impacted by the COVID-19 pandemic.

Massachusetts Growth Capital Corporation (MGCC) will administer the two different grants programs:

New Applicant Grant Program

$25 million directed toward businesses that did not qualify for prior MGCC grants because of a lack of revenue loss in 2020

Qualifications – eligible business must meet all the qualifications below.

  • Business has NOT previously received financial relief from MGCC’s prior COVID-19 Relief Grant Programs
  • Business did not qualify for previous grants due to a lack of revenue loss in calendar year 2020
  • Business must be Massachusetts-based operating in-state that has been negatively impacted by the COVID-19 pandemic
  • Address on your Federal Business Tax Return must be within Massachusetts
  • Business must be a for-profit entity (sole proprietorship, partnership, corporation, cooperative or LLC)
  • Business must be owned by individuals
  • Business owner(s) must have one of the following: Social Security Number or Individual Tax Identification Number (ITIN)
  • Business must currently have between 2-50 full-time equivalent (FTE) employees, one of which is the owner
  • Business must have a minimum of $40,000 in operating expenses based on 2020 Federal Business Tax Returns
  • Business must be currently in operation
  • Business must have been established prior to 09/30/2020
  • Business must be in good standing with federal, state and city/town

 

Inclusive Grant Program

$50 million directed toward businesses reaching underserved markets, minority-, women-, and veteran-owned businesses or are owned by individuals with disabilities or who identify as a member of the LGBTQ+ community.

Qualifications – eligible business must meet all the qualifications below.

      • Business must meet at least one of the following criteria:
        • Minority-owned
        • Woman-owned
        • Veteran-owned
        • Disability-owned
        • LGBTQ+-owned
        • Focus on reaching markets predominantly made up of socially and economically disadvantaged and historically underrepresented groups or underserved markets
  • Business must be Massachusetts-based operating in-state that has been negatively impacted by the COVID-19 pandemic
  • Address on your Federal Business Tax Return must be within Massachusetts
  • Business must be a for-profit entity (sole proprietorship, partnership, corporation, cooperative or LLC)
  • Business must be owned by individuals
  • Business owner(s) must have one of the following: Social Security Number or Individual Tax Identification Number (ITIN)
  • Business must currently have between 2-50 full-time equivalent (FTE) employees, one of which is the owner
  • Business must have a minimum of $40,000 in operating expenses based on 2020 Federal Business Tax Returns
  • Business must be currently in operation
  • Business must have been established prior to 09/30/2020
  • Business must be in good standing with federal, state and city/town

Under both grant programs, the grant awards will range from $10,000 to $75,000, and will be capped at the lesser of $75,000 or three months of operating expenses.

Grant funding can be used for eligible expenses such as employee payroll and benefits costs, interest on other debt obligation incurred after March 3, 2021, the cost to pivot your company due to the pandemic, or for business mortgage interest, rent and utilities.

Grant application period:

  • Applicant opened on February 23, 2022
  • Applicant closes on April 4, 2022 at 11:59pm

Note: No business and/or business owner is eligible to receive more than one grant from MGCC’s grant programs.

To learn more about these grant programs and how to apply online, you can visit the MGCC website here.

The Newburg | CPA’s advisory team can help you navigate the complexities relative to these grant applications. Contact us at info@newburg.com for more information.

Newburg CPA, a Boston-based accounting firm can assist you. Contact us if you have questions.