The Commonwealth of Massachusetts has made an additional $668 million available to support businesses through new and existing programs. Massachusetts Growth Capital Corporation (MGCC) will target a portion of these funds to sectors experiencing the most significant economic hardship and a loss of revenue due to the COVID-19 pandemic.
These funds were appropriated through the Commonwealth’s Operating Budget for Fiscal Year 2021 (FY21) as well as the CARES Act of 2020.
This business relief fund targets the hardest hit small businesses that have an exceptional need of cash relief. Though many businesses have been negatively affected by the pandemic, not all needs are equal. To ensure that these limited funds get to the most severely impacted businesses, you SHOULD NOT APPLY if you:
- are not showing an operating loss due to the coronavirus pandemic
- have access to other sources of relief
- have been able to continue to operate without significant financial distress
- have adequate available reserves
Additionally, larger companies that are better positioned to endure this economic downturn and COVID-19 related restrictions should not apply.
An excessive number of applications submitted by businesses with lesser need will delay the awarding of grants to businesses facing extraordinary circumstances. An application review for a company without a truly exceptional need delays assistance for a business at risk of permanent closure.
Who Should Apply:
Preference will be given to the following sectors:
- 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
- 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
- Businesses with brick and mortar locations that collect and remit sales tax
- All other eligible business types
Application Submission Instructions:
Your application must be filled out and submitted along with attachments as stated in “Required Documentation” electronically through MGCC’s online application portal, Submittable. Hard copies or electronic copies submitted in any other way, such as mailed in or emailed, will not be considered. Additionally, only complete, accurate and legible applications will be considered.
Please be advised, applications must include all required documentation by the program deadline in order to be considered. Please see full list of “Required Documentation” details below. Common omissions that would exclude your application from consideration:
- Certificate of Good Standing from the Massachusetts Secretary of State’s office
- Complete 2019 Federal Business Tax Return
- Complete 2019 Federal Personal Tax Returns for each business owner with 20% or greater ownership
12/31/2020 at 12:00 PM – Application opens.
01/15/2021 at 11:59 PM – Application closes.
After the application period closes, Massachusetts Growth Capital Corporation (MGCC) will review all applications to determine eligibility. MGCC will award and disburse grants based upon eligibility criteria and preference prioritization.
Compliance with Federal Funds, Laws and Regulations:
Applicants must comply with all applicable laws.
Program overview information will be available in the following languages shortly: (Application remains in English)
- Haitian Creole
- Simplified Chinese
- Traditional Chinese
Review the program’s eligibility criteria set forth below before beginning the application process to determine if your business is eligible to apply for the grant.