Recent approvals by Governor Charlie Baker and Congress have set-up SouthCoast small businesses, negatively impacted by COVID-19, to take advantage of another round of financial assistance.
Just prior to Christmas the Baker administration announced a $668 million business relief program offering grants up to $75,000, but not more than three months’ operating expenses, to be used for employee wage and benefits costs, space-related costs, and debt service obligations. One SouthCoast Chamber co-CEO Rick Kidder says this program is administered through the Massachusetts Growth Capital Corporation (MGCC) COVID-19 Small Business Program.
Just last week President Trump approved a $900 billion COVID stimulus bill that also includes money for small businesses. Mr. Kidder says the new federal funding will be targeted to those truly in need.
Kidder and co-CEO Michael O’Sullivan say local businesses saw mixed results this holiday season, with those able to sell online faring better than ones who rely more on in-store foot traffic. O’Sullivan believes as conditions improve with the onset of the COVID vaccine, consumer behavior will dictate how soon businesses recover.
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