Massachusetts Growth Capital Corporation (MGCC) is currently accepting applications for its New Applicant Grant Program.
Donor Name: Massachusetts Growth Capital Corporation (MGCC)
State: Massachusetts
County: All Counties
Type of Grant: Grant
Deadline (mm/dd/yyyy): 04/04/2022
Size of the Grant: $10,000 – $75,000
Details:
In response to the COVID-19 pandemic, the Commonwealth of Massachusetts has made $25,000,000 available to support small businesses negatively impacted by COVID-19 that have not previously received financial relief from MGCC’s COVID-19 Relief Grant Programs.
Funding Information
$10,000 – $75,000
Eligibility Criteria
Businesses eligible to receive a New Applicant Grant must meet all the qualifications below.
- Business has NOT previously received financial relief from MGCC’s prior COVID-19 Relief Grant Programs
- Business did not qualify for previous grants due to a lack of revenue loss in calendar year 2020
- Business must be Massachusetts-based operating in-state that has been negatively impacted by the COVID-19 pandemic
- Address on your Federal Business Tax Return must be within Massachusetts
- Business must be a for-profit entity (sole proprietorship, partnership, corporation, cooperative or LLC)
Business must be owned by individuals - Business owner(s) must have one of the following: Social Security Number or Individual Tax Identification Number (ITIN)
- Business must currently have between 2-50 full-time equivalent (FTE) employees, one of which is the owner
- Business must have a minimum of $40,000 in operating expenses based on 2020 Federal Business Tax Returns
- line 28, IRS Form Schedule C
- line 24, IRS Form 1120-C
- line 20, IRS Form 1120-S
- line 27, IRS Form 1120
- line 21, IRS Form 1065
- Business revenues must be between $40,000 to $2,500,000 based on 2020 Federal Business Tax Returns
- line 1, IRS Form 1040 Schedule C
- line 1c, IRS Form 1120-C
- line 1c, IRS Form 1120-S
- line 1c, IRS Form 1120
- line 1c, IRS Form 1065
- Business must be currently in operation
- Business must have been established prior to 09/30/2020
- Business must be in good standing with federal, state and city/town:
- Business must be current on all taxes; and
- Have active and valid state licenses/registrations, if applicable
For more information, visit New Applicant Grant Program.