Given the recent site crash that has since been restored with the application portal, Submittable, the deadline to apply has been extended to
Monday January 18, 2021 at 11:59 PM.
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.