The City of Somerville is thrilled to announce that new funds are available for small businesses impacted by COVID-19 via Somerville’s Small Business Recovery Program.
Donor Name: City of Somerville
State: Massachusetts
City: Somerville
Type of Grant: Grant
Deadline: 01/31/2023
Size of the Grant: $15,000
Details:
This program is funded by the Office of Strategic Planning and Community Development and managed by iParametrics, a loan management consulting firm hired by the City of Somerville.
Forgivable loans worth up to $15,000 are available for both brick-and-mortar and home-based businesses within the City of Somerville still suffering from financial losses related to the COVID-19 pandemic and its far-reaching impacts.
To qualify, businesses must be located within the City of Somerville, have 20 or fewer full-time employees, and be able to demonstrate a decline in revenue during the past two years. Home-based businesses can apply online for up to $5,000 for net revenue loss, and businesses with a physical location can apply for up to $15,000 for net revenue loss.
Criteria
Home-Based Business Criteria
Eligible Expenses
- Net Revenue Loss up to $5,000
Criteria
- For-profit businesses located in Somerville
- Able to demonstrate a decline in net revenue
- Able to demonstrate a business function in Somerville before April 1, 2021
- Businesses with 20 or fewer full-time equivalent employees
- Businesses with 1099 employees are eligible
- Tobacco stores, cannabis stores, pawn shops, adult entertainment, and passive real estate investment businesses aren’t eligible.
Business With a Physical Location Criteria
Eligible Expenses
- Net Revenue Loss up to $15,000
Criteria
- For-profit businesses located in Somerville
- Able to demonstrate a decline in net revenue
- Be in operation in Somerville prior to April 1, 2021
- Independently owned, small chains with 10 or fewer locations nationwide
- Businesses with 20 or fewer full-time equivalent employees
- Businesses with 1099 employees are eligible
- Tobacco stores, cannabis stores, pawn shops, adult entertainment, and passive real estate investment businesses aren’t eligible.
For more information, visit Small Business Recovery Fund.