$1.295 Billion in Economic Stimulus
See press release below
BOSTON– Last week, State Senator Nick Collins and State Representative David Biele joined their colleagues in the Massachusetts Legislature in approving a $626 million economic stimulus package. Combined with last month’s announcement of a $668 Small Business Relief Grant Program, the State of Massachusetts has made available $1.295 billion in stimulus funding for our local economy, and especially small businesses hurt by the COVID-19 pandemic.
Sen. Collins, Rep. Biele and their colleagues in the Legislature made small business and the local economy a priority in last week’s economic development bond bill, authorizing more than $100 million in several grant programs including loans and grants to small businesses, support for restaurants, payroll protection, and job creation.
The bill also included an amendment supported by Sen. Collins and Rep. Biele to include $500,000 for capital improvements designed to support the reopening of small businesses throughout the City of Boston. Representative Biele supported language sponsored by Senator Collins which requires the Department of Revenue (DOR) to create a pathway for tax relief for small business owners by exempting them from the IRS’ State and Local Tax (SALT) cap.
“Taken together, this $1.295 billion package represents a significant investment in our economy, local jobs, and our community as a whole,” said Senator Collins. “Now more than ever our small businesses, and the employees they support, need our assistance, and I am proud to stand with my colleagues to deliver real tangible results that will retain and create jobs, help businesses pay their bills, reduce tax burdens, and assist restaurants, gyms, salons, and other small businesses recover from the ongoing COVID-19 outbreak.”
“During these tough times, I was proud to work with my colleagues in the Legislature to make crucial investments in our local businesses and industries impacted by COVID-19, such as the restaurant industry, salons, gyms, and other personal services,” said Rep. Biele. “These relief packages and resources will provide support and much-needed relief to struggling businesses and their employees with over $1 billion in grant programs and state funding.”
Currently, the state has made $668 million available to support businesses impacted by COVID-19 through the Massachusetts Growth Capital Corporation. Funds are dedicated to sectors experiencing the most significant economic hardship and a loss of revenue due to the COVID-19 pandemic with preference given to restaurants, gyms/fitness centers, event-support companies (photographers, videographers), and personal services (salons, barbershops). This new business relief program will offer grants up to $75,000, for payroll and employee benefit costs, mortgage interest, rent, utilities and interest on other debt obligations. The Sector-Specific Grant Program is accepting applications through Friday, January 15th, and can be found at www.empoweringsmallbusiness.com.
Already, the Small Business Relief Grant Program has awarded $116.4 million to 2,524 businesses statewide in the last month, including more than 300 businesses in Boston which received more than $16.25 million in grants.