Economic Development Update – 27 OCT 2020

STATE ANNOUNCES COVID-19 SMALL BUSINESS GRANTS – APPLY TODAY!

The Commonwealth of Massachusetts has made $50.8 million in grants available to support small businesses of 50 or fewer employees adversely affected by the pandemic.
 

Massachusetts Growth Capital Corporation (MGCC) will be administering these funds to businesses experiencing economic hardship and a loss of income due to the COVID-19 pandemic.

Preference will be given to small businesses whose owners are women, minorities, veterans, members of other underrepresented groups, who are focused on serving Gateway Cities (including Barnstable) and those most negatively impacted by COVID-19. Preference will also be given to applicants that have not been able to receive aid from other federal programs related to COVID-19.

Applications are currently being accepted. The deadline to apply is November 12, 2020 at 12:00 PM. To learn more and apply, please click here.

MAIN STREET SMALL BUSINESS GRANTS AVAILABLE – APPLY TODAY!

DEADLINE TO APPLY OCTOBER 29

In addition to the state’s small business grants, the second round of the HartBeat of Main Street Grant Program is also available to assist small businesses.  

The HartBeat of Main Street Grant Program was created to support brick-and-mortar businesses in commercial districts as they enter the next phases of reopening across the country. The program will fund solutions that help small business owners respond and adapt to the COVID-19 pandemic and also help to revitalize and strengthen older and historic downtown commercial districts. 

Grants of $5,000 to $15,000 will be awarded on a competitive and first-come, first-served basis. 

A minimum of 50 percent of grants will benefit diverse-owned businesses, as defined by the Small Business Administration as minority, woman, veteran, disabled, and/or LGBTQ-owned.

Applications are currently being accepted. The deadline to apply is October 29, 2020 at 7:59 PM.

To learn more and apply, please click here.

HYANNIS TRANSFORMATIVE DEVELOPMENT INITIATIVE SMALL BUSINESS RELIEF AND RECOVERY GRANTS AVAILABLE

APPLY TODAY!

The Town of Barnstable, together with MassDevelopment and the Downtown Hyannis Community Development Corporation, is offering a second round of grants of up to $8,000 each for storefront businesses and cultural non-profits in Hyannis’ East End.

This grant round will provide a limited number of grants of up to $8,000 each to assist storefront businesses and cultural non-profits located in Hyannis’ East End TDI District and within 300 feet thereof (see online application for district boundaries). These grants will provide flexible funding in an effort to support small businesses and cultural institutions in the downtown that continue to be impacted by COVID-19 public health requirements and restrictions. The total program budget is $30,000.

Applications are currently being accepted. The deadline to apply is November 5, 2020.

Program guidelines and the online application for funding are available at:

www.town.barnstable.ma.us/Departments/economicdevelopment

www.BusinessBarnstable.com

SBA AND TREASURY ANNOUNCE SIMPLER PPP FORGIVENESS FOR LOANS OF $50,000 OR LESS

The U.S. Small Business Administration, in coordination with the US Treasury Department, today released a simpler loan forgiveness application for Paycheck Protection Program (PPP)  loans of $50,000 or less.
 
SBA began approving PPP forgiveness applications and remitting forgiveness payments to PPP lenders for PPP borrowers on October 2, 2020. SBA will continue to process all PPP forgiveness applications in an expeditious manner.
 
Click here to view the simpler loan forgiveness application.
Click here to view the instructions for completing the simpler loan forgiveness application.
Click here to view the Interim Final Rule on the simpler forgiveness process for loans of $50,000 or less.
Click here to read the full press release.