Massachusetts passes Coronavirus Relief Program for Small Businesses Figure

December 27, 2020  |  COVID-19; Insights

Massachusetts passes Coronavirus Relief Program for Small Businesses

By: , David Glod

Last Wednesday, Gov. Baker released details of a $668 million relief program intended to benefit Massachusetts small businesses impacted by COVID-19. This follows the $51 million in small business grants announced in October, which quickly ran out after the state received applications seeking ten times that amount.

Businesses that applied for funding in the earlier round do not need to reapply, and will be prioritized. New applications will be specific to businesses and sectors hit hardest by COVID-19, including restaurants, bars, caterers, nail salons, barber shops, retailers, indoor recreation, entertainment, gyms and fitness centers, and event support services like videographers and photographers. New applications must be submitted between December 31, 2020 and January 15, 2021.

Aid will be capped at the lower of $75,000 or three months of operating expenses, and the funds can be used to pay employee salary and benefits, rent or mortgage costs, and related debts and utility bills. To be eligible, a business must be located in Massachusetts, have 50 or fewer ?full-time equivalent? employees (counting part-time workers) and have been established before June 30, 2019. The business must have suffered a loss of income due to COVID-19 at least as great as the amount requested.

More information on this program is available through the Massachusetts Growth Capital Corporation website.

Disclaimer: This summary is provided for educational and informational purposes only and is not legal advice. Any specific questions about these topics should be directed to attorney David Glod.

About Rich May. P.C.

Rich May, P.C., a law firm founded in 1937 and located in the heart of Boston’s financial district, concentrates its practice on corporate, financial, civil litigation, energy, real estate, entertainment and wealth planning matters. The firm’s clients include a broad group of businesses in New England and throughout the country. Rich May provides the breadth and depth of expertise generally associated with large, national firms, while maintaining the prompt, personal service found in smaller, regional firms. Rich May’s clients have direct access to experienced attorneys who are familiar with both the client and the area of inquiry and can provide timely and practical legal solutions.

Rich May has been elected and admitted as a member of Ally Law. This membership, which provides affiliations with more than 2,800 lawyers at over 70 firms in 50 countries, supplements our ability to assist clients throughout North America and around the world.