The city has created a Small Business Relief Fund to assist Boston's small businesses most directly impacted by the COVID-19 pandemic. The fund is specifically for for-profit entities with fewer than 35 employees, and that earns less than $1,500,000 in annual revenue.
"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 Marty 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."
This newly created fund is designed to quickly provide grants to local businesses that does not require businesses to assume additional debt. The fund will begin accepting applications on Monday, April 6, 2020. Businesses can apply through a single application and be considered for one of three grants based on the size of the business. The grants can be used to for rent, fixed debts, payroll, accounts payable, lost sales, working capital expenses, and more.
The fund will begin with $2 million available to small businesses. That money will include city funding, Community Development Block Grants (CDBG) that Boston receives annually from the U.S. Department of Housing and Urban Development. An additional $50,000 will be contributed from the Massachusetts Attorney General's Office.
There will be small business conference calls every Tuesday at 3 pm to provide policy updates, answer questions, include relevant city departments, and provide guidance to navigate funding available from the state, federal, and private industry. For any business interested in joining these weekly calls, please email email@example.com.