New resources created to help small businesses impacted by COVID-19 receive immediate capital relief and navigate the evolving financial assistance landscape. Applications can be found here beginning on Monday, April 6th.
BOSTON – Thursday, April 2, 2020 – Mayor Martin J. Walsh today announced the creation of the Small Business Relief Fund, established to assist Boston’s small businesses most directly impacted by closures, policies, or general loss of revenue due to the COVID-19 pandemic. This newly created fund, administered and managed by the Mayor’s Office of Economic Development (OED), is designed to quickly and strategically disburse grants to local businesses through a streamlined process that does not require businesses to assume additional debt. The Fund will begin accepting applications on Monday, April 6, 2020.
“We are committed to helping Boston’s small businesses during this unprecedented time by providing strategic, accessible, and critical financial resources to help them stay afloat and pay employees,” said Mayor Walsh. “Small businesses are the backbone of our economy and the lifeblood of our neighborhoods. As the response to COVID-19 continues to evolve, we want to make this resource as straightforward as possible for business owners and work one-on-one to ensure they have the most up-to-date information on financial assistance available.”
The Small Business Relief Fund will be administered through OED’s Small Business Financing program, and is funded by a combination of funds from the City of Boston, the U.S. Department of Housing and Urban Development, and private institutions. Eligible small businesses – a for-profit entity with fewer than 35 employees, and less than $1,500,000 in annual revenue, which is registered and operating in Boston – will apply through a single application and be considered for one of three grants based on the size of the business. Grants can be used to address rent, fixed debts, payroll, accounts payable, lost sales, lost opportunities, and other working capital expenses.
The Fund will kick-off with an initial $2 million in resources available to small businesses, which includes city operating funding and Community Development Block Grants (CDBG) that the City of Boston receives annually from the U.S. Department of Housing and Urban Development. The funding will also include an additional $50,000 contribution from the Massachusetts Attorney General’s Office.
“The COVID-19 pandemic has disrupted the lives of everyone in Massachusetts and our small businesses have been hit especially hard,” said Attorney General Maura Healey. “I thank Mayor Walsh for his leadership and the opportunity to contribute to this fund to assist these businesses during this difficult time. I’ll continue to collaborate with my partners in government to help all those affected by this crisis – we will get through this together.”
As business owners, employers, and employees navigate an evolving
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