"Governor Charlie Baker’s two new grant programs to help small businesses through the COVID-19 pandemic have been swamped by applications, essentially ensuring there won’t be enough money to go around for everyone who sought the help.
Working through the quasipublic Massachusetts Growth Capital Corp., the Baker administration unveiled two programs in October offering a combined $50.8 million in grants, aimed at helping small businesses endure what’s expected to be a tough winter.
One program, backed by $40 million, offers grants of up to $75,000 for businesses with as many as 50 employees; the other, with $10.8 million, provides grants of up to $25,000 for businesses with five or fewer workers. The latter program also requires that the owners who apply have below-average incomes.
Mass. Growth Capital stopped accepting applications last week. At that point, state officials said, more than 10,000 applications had been received for the two programs, which are being funded by federal dollars. About 37 percent were for the program to help businesses with five or fewer employees, although a few businesses applied to both programs."
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