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.
Businesses Should NOT Apply if they:
- 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
- a large company better positioned to endure this economic downturn and COVID-related restrictions
Who Should Apply:
- Restaurants, bars, caterers, and food trucks that collect and remit meals tax
- Indoor Recreation or Entertainment Establishments (e.g. movie theaters, comedy clubs, performing arts venues/organizations, 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
- 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.)
- 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
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. 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.
Businesses are encouraged to review the program’s eligibility criteria before beginning the application process to determine if they are eligible to apply for the grant.
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.
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 (required prior to funding)
- Complete 2019 Federal Business Tax Return
- Complete 2019 Federal Personal Tax Returns for each business owner with 20% or greater ownership
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.
Visit Mass Growth Capital Corporation's website for more information.