Governor Baker gave an update on COVID-19 at the State House this afternoon where he announced a $775 million plan to support small businesses and stimulate the economy. This new funding is expected to cover grants to small businesses and main streets that have been hit hard by COVID-19.
The Governor said that about $175 million requires a sign off from the legislature, and noted that the legislature has expressed interest in passing this package quickly. About $115 million, which comes from the CARES Act and that is available immediately for small businesses.
The new funding includes $50.8 million in grants through the Mass Growth Capital Corporation. The state is accepting applications now on the MGCC website. Baker says this package includes housing stability and that the administration is building on the $171 million diversion program announced last week and continue funding $121 million for affordable housing.
Lt. Gov. Karyn Polito said that the recovery plan includes $9.2 million in new funding to support internet connectivity statewide, including funding to expand the Massachusetts Broadband Institute's existing hotspot program. About $6.2 million of that $9.2 million is for the Massachusetts Broadband Institute's efforts to expand internet access across the state.