BOSTON (WHDH) - Boston Mayor Martin J. Walsh has announced that a $2 million relief fund has been established to assisted small businesses that have been forced to close due to the ongoing coronavirus outbreak.
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The Small Business Relief Fund, which will be managed by the city’s Office of Economic Development, has been designed to quickly and strategically disburse grants to local businesses through a streamlined process that does not require businesses to assume additional debt, Walsh said Thursday.
The fund will begin accepting applications on Monday, April 6.
“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,” Walsh said. “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.”
It will be funded by the city, the U.S. Department of Housing and Urban Development, and other private institutions.
For-profit entities registered to operate in Boston with fewer than 35 employees and less than $1.5 million in annual revenue will be eligible for funding.
Businesses can apply through a single application. They will 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 expenses.
The fund will start off with an initial $2 million in resources.
The funding will also include an additional $50,000 contribution from the Massachusetts Attorney General’s Office.
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“The COVID-19 pandemic has disrupted the lives of everyone in Massachusetts and our small businesses have been hit especially hard,” Attorney General Maura Healey said. “I thank Mayor Walsh for his leadership and the opportunity to contribute to this fund to assist these businesses during this difficult time.”
The OED has also created a Financial Relief Handbook and FAQ document, both of which will be continuously updated.
For more information, click here.
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