Grants to help businesses
State chips in due to the coronavirus
Money is headed to small businesses hard hit by the pandemic, Gov. Charlie Baker said announcing $115 million in new aid — a “good start” industry leaders say must be followed by a federal aid package.
The money for small businesses is one of “five pillars” being addressed in a $774 million comprehensive plan to stabilize the state’s ailing economy and funded through a “patchwork quilt” of state and federal dollars, Baker said.
“These funds will be invested to get people back to work, to assist impacted small businesses, to revitalize main streets, foster innovation and to promote and provide neighborhood stability and housing,” Baker said during a State House briefing Thursday.
“It’s probably not going to go very far but it’s a good start,” Massachusetts Retailers Association President Jon Hurst said the $51 million in direct grants to small businesses.
“Businesses have debt. They have debt to their landlords, debt to their suppliers for inventory and what they need is government-supplied grants to
compensate them for the shutdowns and loss in customers that isn’t their fault … that’s COVID’s fault,” Hurst said.
Most of the money included in the package has already been announced — including last week’s injection of $171 million into housing stability programs. It includes $115 million in new funding that administration officials say is key to help small businesses hardest hit by the impacts of COVID-19.
About $275 million is still
awaiting the approval by the have gone out of business, state Legislature. he said.
The grant program will The aid is the Republican allow businesses with 50 or governor’s response to what fewer employees to receive he’s described as a “frustratup to $75,000 while busiing” stalemate in Congress nesses with five or fewer over a sixth coronavirus aid employees may access up to package, despite widespread $25,000 in grants. agreement on many aspects
Massachusetts Restaurant of where the funding would Associationgo.PresidentBob
Luz said the businesses The funding announcehardest hit have “already ment comes as coronavirus seen deep, deep losses and cases in Massachusetts are without further help, it will back on the rise, sparking get even bleaker.” Roughly a fears the state could be quarter of the state’s 16,000 headed to a dreaded second restaurants prepandemic shutdown.