Massachusetts Small Business Grants – Overview
The pandemic is not over yet. Every country is trying to re-establish its industries that have been shut down completely due to coronavirus and its post-effects.
If you live in Massachusetts and lost your business, then you should follow the Massachusetts Small Business Grants and its resources listed below.
Massachusetts Small Business Grants
Not only big but small businesses in Massachusetts have suffered a lot during the pandemic period. Many small businesses shut down completely.
The employers have to reduce the number of employees as they are unable to give salaries to them.
Small businesses should look for the grants offered by the federal department, non-profit organizations, and some private organizations.
These organizations are actively working on the side to boost the country’s or the state’s economy.
These organizations provide financial aid as per the business requirements. Financial aid can be utilized in many ways to re-establish the business. We will talk about it later in this article.
Just like every other state, there is a special Covid Relief Fund allocated to Boston to recover from the pandemic.
However, the allocated fund is not enough to reach out to all the businesses that have lost their space, employees, and equipment.
They need proper financial support to regain the lost things.
Massachusetts Small Business Grants are the only way with which small business owners can get financial support and redevelop their businesses. Let’s find out the available resources.
Massachusetts Small Business Grant Resources
If you are searching for resources to apply for business a small grant, then here we have listed down some official links with the required information. Let’s find out the useful information first.
The Small Business Administration has established special centers for small businesses to avail the of federal services by gaining information.
Small Business Development Centers in Massachusetts are always open with their available grants. The available grants are open for all types of business owners.
They need to fill in the application form and mention all their requirements, including the funds they expect. The application will then be checked by the authority and they will declare the names.
1. Federal Grants for Small Businesses
Federal Grants are not limited to Massachusetts businesses, but these grants are open for the entire state or the country.
The Federal Grants have special funds to boost the economy of the city or state or country. Several Financial Relief Programs are available for small businesses.
Everything you need to know about the Federal Grants for Small Businesses in Massachusetts are listed here. Visit this website for more information about the grants that are open along with the application procedures and its information.
Covid-19 EIDL, Economic Injury Disaster Loans, Boston Local Development Corporation Loan, Kiva Crowdfunded Loan, Mainvest Crowdfunded Loan, Reopen Boston Fund- all of these programs are open for Massachusetts’ small businesses.
They can avail the benefits of financial support including low-interest rates for small businesses.
2. The Restaurant Revitalization Fund
The RRF grant is specially designed for a particular sector that was heavily affected due to coronavirus pandemic i.e. restaurants and bars.
The owners of restaurants and bars should apply for the Restaurant Revitalization Fund program to avail the financial support of up to $10 Million.
The applicant must include information about the total loss of their business during the pandemic period. As per their application, the fund will be released.
3. SBA Paycheck Protection Program
The Small Business Administration has a special Paycheck Protection Program for small business owners who can apply for forgiveness of the loan.
A direct forgiveness portal is active where an applicant can write or fill in the loan forgiveness form to forgive their loans due to business loans during the pandemic period.
If your active loan is $150,000 or less, then you can utilize this program to forgive the loan amount. Visit SBA’s Direct Forgiveness Portal for more information. You will get to know about this special program along with its application procedure.
4. Regional Covid 19 Recovery Program
The Regional Covid 19 Recovery Program is designed to give direct financial support to small businesses in Massachusetts.
It’s a one-time grant that will provide financial assistance of $25,000 to small businesses located in different locations in Massachusetts.
5. Shuttered Venue Operators Grant
The SVOG is a government-funded program designed for small businesses. It is also backed by the American Rescue Relief Fund which will provide a $16 Billion Relief fund. It’s an economic relief fund that will be distributed in different industries including small and big businesses.
The application procedure needs to be followed by the applicant. This program will provide 45% of the business’s gross earned revenue if the application is accepted.
The maximum grant under this program for a single business is $10 Million.
If your gross earned revenue after 45% is above $10 million, then you will be given only $10 million and not more than that. For more information about this program, follow their official website.
These are all the useful resources available for Massachusetts small businesses.
The above-listed resources would provide financial aid including loans with low-interest rates to small businesses so that they can re-develop their businesses.